Park Hotels & Resorts (PK) 10-K 20 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37795
Entity Registrant Name	Park Hotels & Resorts Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2058176
Entity Address, Address Line One	1775 Tysons Boulevard
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Tysons
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	571
Local Phone Number	302-5757
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PK
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 3,080
Entity Common Stock, Shares Outstanding		202,044,929
Documents Incorporated by Reference	The information called for by Part III will be incorporated by reference from the registrant’s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A.
Entity Central Index Key	0001617406
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Property and equipment, net	$ 7,398	$ 7,459
Contract asset	820	760
Intangibles, net	41	42
Cash and cash equivalents	402	717
Restricted cash	38	33
Accounts receivable, net of allowance for doubtful accounts of $4 and $3	131	112
Prepaid expenses	69	59
Other assets	71	40
Operating lease right-of-use assets	191	197
TOTAL ASSETS (variable interest entities – $223 and $236)	9,161	9,419
Liabilities
Debt	3,841	3,765
Debt associated with hotels in receivership	725	725
Accrued interest associated with hotels in receivership	95	35
Accounts payable and accrued expenses	226	210
Dividends payable	138	362
Due to hotel managers	138	131
Other liabilities	179	200
Operating lease liabilities	225	223
Total liabilities (variable interest entities – $201 and $218)	5,567	5,651
Commitments and contingencies
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 203,407,320 shares issued and 202,553,194 shares outstanding as of December 31, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023	2	2
Additional paid-in capital	4,063	4,156
Accumulated deficit	(420)	(344)
Total stockholders' equity	3,645	3,814
Noncontrolling interests	(51)	(46)
Total equity	3,594	3,768
TOTAL LIABILITIES AND EQUITY	$ 9,161	$ 9,419

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 4	$ 3
Variable interest entities assets	9,161	9,419
Variable interest entities liabilities	$ 5,567	$ 5,651
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, issued (in shares)	203,407,320	210,676,264
Common stock, outstanding (in shares)	202,553,194	209,987,581
Variable Interest Entities
Variable interest entities assets	$ 223	$ 236
Variable interest entities liabilities	$ 218	$ 201

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenues	$ 2,599	$ 2,698	$ 2,501
Operating expenses
Other property	231	241	223
Impairment and casualty loss	14	204	6
Depreciation and amortization	257	287	269
Corporate general and administrative	69	65	63
Other	82	83	72
Total expenses	2,276	2,591	2,218
Gain on sale of assets, net	8	15	13
Gain on derecognition of assets	60	221	0
Operating income	391	343	296
Interest income	21	38	13
Interest expense	(214)	(207)	(217)
Interest expense associated with hotels in receivership	(60)	(45)	(30)
Equity in earnings from investments in affiliates	31	11	15
Other (loss) gain, net	(4)	4	96
Income before income taxes	165	144	173
Income tax benefit (expense)	61	(38)	0
Net income	226	106	173
Net income attributable to noncontrolling interests	(14)	(9)	(11)
Net income attributable to stockholders	$ 212	$ 97	$ 162
Earnings per share:
Earnings (loss) per share - Basic (in dollars per share)	$ 1.02	$ 0.44	$ 0.71
Earnings (loss) per share - Diluted (in dollars per share)	$ 1.01	$ 0.44	$ 0.71
Weighted average shares outstanding - Basic (in shares)	207	214	228
Weighted average shares outstanding – Diluted (in shares)	209	215	228
Rooms
Revenues
Total revenues	$ 1,569	$ 1,653	$ 1,559
Operating expenses
Cost of goods and services sold	419	449	408
Food and beverage
Revenues
Total revenues	688	696	606
Operating expenses
Cost of goods and services sold	474	501	449
Ancillary hotel
Revenues
Total revenues	256	264	261
Other
Revenues
Total revenues	86	85	75
Other departmental and support
Operating expenses
Cost of goods and services sold	605	635	613
Management fees
Operating expenses
Cost of goods and services sold	$ 125	$ 126	$ 115

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Activities:
Net income	$ 226	$ 106	$ 173
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	257	287	269
Gain on sales of assets, net	(8)	(15)	(13)
Gain on derecognition of assets	(60)	(221)	0
Impairment loss	12	204	6
Equity in earnings from investments in affiliates	(31)	(11)	(15)
Other loss (gain), net	3	(2)	(90)
Share-based compensation expense	19	18	17
Amortization of deferred financing costs	9	9	10
Distributions from unconsolidated affiliates	8	10	7
Deferred income taxes	(62)	14	(2)
Accounts receivable, net	(19)	9	(33)
Prepaid expenses	(10)	(4)	(23)
Other assets	1	18	32
Accounts payable and accrued expenses	76	82	44
Due to hotel managers	7	(10)	30
Other liabilities	4	16	(4)
Other	(3)	(7)	1
Net cash provided by operating activities	429	503	409
Investing Activities:
Capital expenditures for property and equipment	(227)	(285)	(168)
Acquisitions, net	0	(11)	0
Proceeds from asset dispositions, net	31	116	143
Proceeds from the sale of investments in affiliates, net	0	3	101
Reduction of restricted cash from derecognition of assets	0	(30)	0
Distributions from unconsolidated affiliates	37	0	11
Contributions to unconsolidated affiliates	(7)	(10)	0
Net cash (used in) provided by investing activities	(166)	(217)	87
Financing Activities:
Proceeds from issuance of Senior Notes	550	0	0
Repayments of Senior Debt	(650)	0	0
Borrowings from credit facilities	200	0	50
Repayments of credit facilities	0	(50)	(78)
Proceeds from issuance of mortgage debt	0	0	30
Repayments of mortgage debt	(22)	(83)	(64)
Debt issuance costs	(11)	(1)	(11)
Dividends paid	(512)	(152)	(7)
Distributions to noncontrolling interests, net	(7)	(7)	(10)
Tax withholdings on share-based compensation	(5)	(2)	(3)
Repurchase of common stock	(116)	(180)	(227)
Net cash used in financing activities	(573)	(475)	(320)
Net (decrease) increase in cash and cash equivalents and restricted cash	(310)	(189)	176
Cash and cash equivalents and restricted cash, beginning of period	750	939	763
Cash and cash equivalents and restricted cash, end of period	$ 440	$ 750	$ 939

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions		Total	Common Stock	Additional Paid-in Capital	(Accumulated Deficit) Retained Earnings	Non- controlling Interests
Beginning balance (in shares) at Dec. 31, 2021			236,000,000
Beginning balance at Dec. 31, 2021		$ 4,403	$ 2	$ 4,533	$ (83)	$ (49)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net		15		15
Net income		173			162	11
Dividends and dividend equivalents		(63)			(63)
Repurchase of common stock (in shares)			(12,000,000)
Repurchase of common stock		(227)		(227)
Distributions to noncontrolling interests		(10)				(10)
Ending balance (in shares) at Dec. 31, 2022			224,000,000
Ending balance at Dec. 31, 2022		4,291	$ 2	4,321	16	(48)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net (in shares)			1,000,000
Share-based compensation, net		16		15	1
Net income		106			97	9
Dividends and dividend equivalents	[1]	(458)			(458)
Repurchase of common stock (in shares)			(15,000,000)
Repurchase of common stock		(180)		(180)
Distributions to noncontrolling interests		$ (7)				(7)
Ending balance (in shares) at Dec. 31, 2023		209,987,581	210,000,000
Ending balance at Dec. 31, 2023		$ 3,768	$ 2	4,156	(344)	(46)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net (in shares)			1,000,000
Share-based compensation, net		14		11	3
Net income		226			212	14
Dividends and dividend equivalents	[1]	(291)			(291)
Repurchase of common stock (in shares)			(8,000,000)
Repurchase of common stock		(116)		(116)
Distributions to noncontrolling interests		(7)				(7)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance		$ 0		12		(12)
Ending balance (in shares) at Dec. 31, 2024		202,553,194	203,000,000
Ending balance at Dec. 31, 2024		$ 3,594	$ 2	$ 4,063	$ (420)	$ (51)
[1] Dividends declared per common share were $1.40, $2.15, which included a special cash dividend of $0.77 per common share, and $0.28 for the years ended December 31, 2024, 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends declared per common share (in dollars per share)	$ 1.40	$ 2.15	$ 0.28
S2023A
Dividends declared per common share (in dollars per share)		$ 0.77

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Park Hotels & Resorts Inc. (“we,” “us,” “our” or the “Company” and, exclusive of any subsidiaries, "Park Parent") is a Delaware corporation that owns a portfolio of premium-branded hotels and resorts primarily located in prime city center and resort locations. On January 3, 2017, Hilton Worldwide Holdings Inc. (“Hilton” or "Parent") completed the spin-off of a portfolio of premium hotels and resorts that established Park Hotels & Resorts Inc. as an independent, publicly traded company. On September 18, 2019, we acquired Chesapeake Lodging Trust.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation Principles of Consolidation The consolidated financial statements include the accounts of the Company, our wholly owned subsidiaries and entities in which we have a controlling financial interest, including variable interest entities (“VIEs”) where we are the primary beneficiary. The consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany transactions and balances within these consolidated financial statements have been eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Summary of Significant Accounting Policies Property and Equipment Property and equipment are recorded at cost, and interest applicable to major construction or development projects is capitalized. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (8 to 40 years); furniture and equipment (3 to 8 years); and computer equipment and acquired software (3 years). Leasehold improvements are depreciated over the shorter of the estimated useful life, based on the estimates above, or the lease term. We evaluate the carrying value of our property and equipment if there are indicators of potential impairment. We perform an analysis to determine the recoverability of the asset’s carrying value by comparing the expected undiscounted future cash flows to the net book value of the asset. If it is determined that the expected undiscounted future cash flows are less than the net book value of the asset, the excess of the net book value over the estimated fair value is recorded in our consolidated statements of operations within impairment losses. Fair value is generally estimated using valuation techniques that consider the discounted cash flows of the asset using discount and capitalization rates deemed reasonable for the type of asset, as well as prevailing market conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds from pending offers. If sufficient information exists to reasonably estimate the fair value of a conditional asset retirement obligation, including environmental remediation liabilities, we recognize the fair value of the obligation when the obligation is incurred, which is generally upon acquisition, construction or development and/or through the normal operation of the asset. Assets Held for Sale We classify a property as held for sale when we commit to a plan to sell the asset, the sale of the asset is probable within one year, and it is unlikely that action to complete the sale will change or that the sale will be withdrawn. When we determine that classification of an asset as held for sale is appropriate, we cease recording depreciation for the asset and value the property at the lower of depreciated cost or fair value, less costs to dispose. Further, the related assets and liabilities of the held for sale property will be classified as assets held for sale in our consolidated balance sheets. Any gains on sales of properties are recognized at the time of sale or deferred and recognized in net income in subsequent periods as any relevant conditions requiring deferral are satisfied. Investments in Affiliates The consolidated financial statements include entities in which we have a controlling financial interest, including VIEs where we are the primary beneficiary. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a VIE, we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50 percent of the voting shares of a company or otherwise have a controlling financial interest. References in these financial statements to net income attributable to stockholders do not include non-controlling interests, which represent the outside ownership interests of our consolidated, non-wholly owned entities and are reported separately. We hold investments in affiliates that primarily own or lease hotels. Investments in affiliates over which we exercise significant influence, but lack a controlling financial interest, are accounted for using the equity method. We account for investments using the equity method when we have the ability to exercise significant influence over the entity, typically through a more than minimal investment. Our proportionate share of earnings (losses) from our equity method investments is presented as equity in earnings from investments in affiliates in our consolidated statements of operations. Distributions from investments in affiliates are presented as an operating activity in our consolidated statements of cash flows when such distributions are a return on investment. Distributions from investments in affiliates are recorded as an investing activity in our consolidated statements of cash flows when such distributions are a return of investment. We assess the recoverability of our equity method investments if there are indicators of potential impairment. If an identified event or change in circumstances requires an evaluation to determine if an investment may have an other-than-temporary impairment, we assess the fair value of the investment based on accepted valuation methodologies, which include discounted cash flows, estimates of sales proceeds and external appraisals. If an investment’s fair value is below its carrying value and the decline is considered to be other-than-temporary, we will recognize an impairment loss in equity in earnings from investments in affiliates in our consolidated statements of operations. Non-controlling Interests We present the portion of any equity that we do not own in entities that we have a controlling financial interest (and thus consolidate) as non-controlling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, on our consolidated balance sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss is allocated between the joint venture partners based on their respective stated ownership percentages. In addition, we include net income (loss) attributable to the noncontrolling interest in net income in our consolidated statements of operations. Intangible Assets Intangible assets with finite useful lives primarily include an air rights contract. The air rights contract value is based on the present value of the difference between the contractual rental amounts and the market rental rates for similar contracts, measured over a period equal to the remaining non-cancellable term of the contract. Intangible assets are amortized using the straight-line method over the remaining term of the contract. We review all finite lived intangible assets for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of the carrying value over the fair value in our consolidated statements of operations. Asset Acquisitions We consider an asset acquisition to occur when substantially all the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets. In an acquisition of assets, we are not required to expense our acquisition-related costs, and goodwill is not assigned. We will account for the properties purchased as asset acquisitions by allocating the total cash consideration, including transaction costs, to the individual assets acquired and liabilities assumed, respectively, on a relative fair value basis. Business Combinations We consider a business combination to occur when we take control of a business by acquiring its net assets or equity interests. We record the assets acquired, liabilities assumed and non-controlling interests at fair value as of the acquisition date, including any contingent consideration. We evaluate factors, including market data for similar assets, expected future cash flows discounted at risk-adjusted rates and replacement cost for the assets to determine an appropriate fair value of the assets. Acquisition-related costs, such as due diligence, legal and accounting fees, are expensed in the period incurred and are not capitalized or applied in determining the fair value of the acquired assets. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less. Restricted Cash Restricted cash includes cash balances established as lender reserves required by our debt agreements and reserves for capital expenditures in accordance with certain of our management agreements. Allowance for Doubtful Accounts An allowance for doubtful accounts is provided on accounts receivable when losses are probable based on historical collection activity and current business conditions. Leases We consider an arrangement to contain a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for compensation. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent the present value of our fixed payment obligations. Leases with a term of 12 months or less are not recorded on the balance sheet. We use our estimated incremental borrowing rate to determine the present value of our lease obligations. Our operating leases may require fixed payments, variable payments based on a percentage of revenue or income, or payments equal to the greater of a fixed or variable payment. Variable payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation is incurred. Operating lease expense is recognized on a straight-line basis over the lease term. Our lease terms include renewal options that we are reasonably certain to exercise, and renewal options controlled by the lessor. Fair Value Measurements—Valuation Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (an exit price). We use the three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-level hierarchy of inputs is summarized below: • Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument. • Level 3—Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety at the end of each reporting period. Revenue Recognition Our results of operations primarily consist of room rentals, food and beverage sales and other ancillary goods and services from hotel properties. Other revenues primarily relate to support services we provide to Hilton Grand Vacations (“HGV”). Hotel operating revenues are disaggregated into room revenue, food and beverage revenue, ancillary hotel revenue and other revenue on the consolidated statements of operations to illustrate how economic factors affect the nature, amount and timing, and uncertainty of revenue and cash flows. Rooms revenue is recognized over time when rooms are occupied and food and beverage revenue is recognized at a point in time when goods and services have been delivered or rendered. Ancillary hotel revenue and other revenue is generally recognized at a point in time as goods and services are delivered or rendered. We assess if we are the principal or agent for certain ancillary services provided by third parties. If we are the principal, we recognize revenue based on the gross sales price. If we are the agent, we recognize revenue net of costs paid to service providers. Payment received for a future stay or event is recognized as an advance deposit, which is included in other liabilities on our consolidated balance sheets. Advance deposits are recognized as revenue when rooms are occupied or goods or services have been delivered or rendered to our customer. Our advance deposit balance as of December 31, 2024 and 2023 was $120 million and $107 million, respectively, and are generally recognized as revenue within a one-year period. Additionally, we collect sales, use, occupancy and similar taxes at our hotels, which we present on a net basis (excluded from revenues) in our consolidated statements of operations. Share-based Compensation We recognize the cost of services received in share-based payment transactions with employees and non-employee directors as services are received and recognize a corresponding increase in additional paid-in capital for equity classified awards. We account for any forfeitures when they occur. The measurement objective for these equity awards is the estimated fair value at the grant date of the equity instruments that we will be obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. The compensation expense for an award classified as an equity instrument is recognized ratably over the requisite service period. The requisite service period is the period during which an employee is required to provide service in exchange for an award. Income Taxes We have been organized and operated, and we expect to continue to be organized and operate, in a manner to qualify as a REIT. To qualify as a REIT, we must satisfy requirements related to, among other things, the real estate qualification of sources of our income, the real estate composition and values of our assets, the amounts we distribute to our stockholders annually and the diversity of ownership of our stock. To the extent we continue to remain qualified as a REIT, we generally will not be subject to U.S. federal (and state) income tax on taxable income generated by our REIT activities that we distribute annually to our stockholders. Accordingly, no provision for U.S. federal income taxes has been included in our accompanying consolidated financial statements for the years ended December 31, 2024, 2023 and 2022 related to our REIT activities other than taxes related to our sale of built-in gain property (representing property held by us with an excess of fair value over tax basis on January 4, 2017). We will remain subject to California income tax on taxable sales of built-in-gain property until January 2027. Further, our taxable REIT subsidiaries (“TRSs”) are generally subject to U.S. federal, state and local, and foreign income taxes (as applicable). We account for income taxes using the asset and liability method. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, to recognize the deferred tax assets and liabilities that relate to tax consequences in future years, which result from differences between the respective tax basis of assets and liabilities and their financial reporting amounts, and to recognize tax loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the respective temporary differences or operating loss or tax credit carry forwards are expected to be recovered or settled. The realization of deferred tax assets and tax loss and tax credit carry forwards is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. Valuation allowances are provided to reduce such deferred tax assets to amounts more likely than not to be ultimately realized. We use a prescribed recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. For all income tax positions, we first determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If it is determined that a position meets the more-likely-than-not recognition threshold, the benefit recognized in the financial statements is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. Recently Issued Accounting Pronouncements Accounting Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosures about the existing rate reconciliation and income taxes paid information. We expect to adopt ASU 2023-09 when the requirements become effective for the year-ended December 31, 2025. ASU 2023-09 is required to be adopted on a prospective basis, but retrospective adoption is permitted. We are currently evaluating the effect that ASU 2023-09 will have on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03 ("ASU 2024-03"), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) , which adds guidance on providing qualitative and quantitative disclosures about certain costs and expenses. Although early adoption is permitted, we expect to adopt ASU-2024 03 on a prospective basis when the requirements become effective for the year ended December 31, 2027. We are currently evaluating the effect that ASU 2024-03 will have on our consolidated financial statements. Accounting Standards Adopted In November 2023, the FASB issued ASU No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures

Acquisitions and Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Acquisitions During the year ended December 31, 2023, we acquired two parcels of land, adjacent to the Hilton Hawaiian Village Waikiki Beach Resort, for a purchase price of approximately $18 million, including transaction costs. We accounted for the purchase as an acquisition of an asset, and the entire purchase price was allocated to land. Dispositions In December 2024, the consolidated joint venture that owned the DoubleTree Hotel Spokane City Center sold the hotel for gross proceeds of approximately $35 million. Proceeds were used to repay the $14 million mortgage loan secured by the hotel, and after paying customary closing expenses, our pro-rata share of the remaining net proceeds was approximately $10 million and will be used for general corporate purposes. We recognized a gain of approximately $8 million, which is included in gain on sale of assets, net in our consolidated statements of operations. In July 2024, the unconsolidated joint venture that owned and operated the Hilton La Jolla Torrey Pines sold the hotel for gross proceeds of approximately $165 million, and our pro-rata share of the gross proceeds was approximately $41 million, which was reduced by our portion of debt of approximately $17 million. We recognized a gain of approximately $19 million, which is included in equity in earnings from investments in affiliates in our consolidated statements of operations. Additionally, in August 2024, we permanently closed the Hilton Oakland Airport and subsequently terminated its ground lease, returning the property to the ground lessor. In February 2023, we sold the Hilton Miami Airport hotel for gross proceeds of $118.25 million. We recognized a net gain of approximately $15 million, which is included in gain on sale of assets, net in our consolidated statements of operations. Additionally, in June 2023, the ground lessor terminated the ground lease for the Embassy Suites Phoenix Airport hotel and, pursuant to an agreement, we received an early termination fee of approximately $4 million, which is included in other (loss) gain, net in our consolidated statements of operations. During the year ended December 31, 2022, we sold the five consolidated hotels listed in the table below and received total gross proceeds of approximately $149 million. We recognized a net gain of approximately $15 million, which is included in gain on sale of assets, net in our consolidated statements of operations. Hotel Location Month Sold Hampton Inn & Suites Memphis – Shady Grove Memphis, Tennessee April 2022 Hilton Chicago/Oak Brook Suites Chicago, Illinois May 2022 Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, Washington June 2022 Hilton Garden Inn Chicago/Oakbrook Terrace Chicago, Illinois July 2022 Hilton Garden Inn LAX/El Segundo El Segundo, California September 2022 In June 2022, we sold our ownership interests in the joint ventures that owned and operated the Hilton San Diego Bayfront for gross proceeds of $157 million. Our gross proceeds were reduced by $55 million for our share of the mortgage debt in the joint venture. We recognized a gain of approximately $92 million, net of selling costs, which is included in other (loss) gain, net in our consolidated statements of operations. Additionally, in October 2022, the joint ventures that owned and operated the DoubleTree Hotel Las Vegas Airport sold the hotel for gross proceeds of approximately $22 million, and our pro-rata share of the gross proceeds was approximately $11 million. We recognized a gain of approximately $9 million, which is included in equity in earnings from investments in affiliates in our consolidated statements of operations.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment were: December 31, 2024 2023 (in millions) Land $ 3,018 $ 2,990 Buildings and leasehold improvements 5,989 5,814 Furniture and equipment 1,023 947 Construction-in-progress 152 341 10,182 10,092 Accumulated depreciation (2,784) (2,633) $ 7,398 $ 7,459 Depreciation of property and equipment was $256 million, $286 million and $268 million during the years ended December 31, 2024, 2023 and 2022, respectively. During the year ended December 31, 2024, we recognized impairment losses of approximately $12 million related to two of our hotels subject to ground leases and our inability to recover the carrying value of the assets over the remaining lease term. Refer to Note 8: "Fair Value Measurements" for additional information. For the year ended December 31, 2023, we recognized an impairment loss of approximately $202 million related to one of the hotels securing our $725 million non-recourse CMBS loan ("SF Mortgage Loan") as a result of a decision to cease making debt service payments. In October 2023, the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels") that secure the SF Mortgage Loan were placed into receivership. Refer to Note 7: "Debt" and Note 8: "Fair Value Measurements" for additional information.

Consolidated Variable Interest

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	12 Months Ended
	Dec. 31, 2024
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates Consolidated VIEs As of December 31, 2024, we consolidate VIEs that own two hotels in the U.S. In December 2024, the consolidated joint venture that owned the DoubleTree Hotel Spokane City Center sold the hotel. We are the primary beneficiary of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our VIEs are only available to settle the obligations of these entities. Our consolidated balance sheets include the following assets and liabilities of these entities: December 31, 2024 2023 (in millions) Property and equipment, net $ 181 $ 209 Cash and cash equivalents 34 17 Restricted cash 2 2 Accounts receivable, net 3 5 Prepaid expenses 3 3 Debt 186 202 Accounts payable and accrued expenses 10 11 Due to hotel manager 3 2 Other liabilities 2 3 Unconsolidated Entities As of December 31, 2024, three of our hotels are owned by unconsolidated joint ventures in which we hold an interest. In July 2024, the joint ventures that owned and operated the Hilton La Jolla Torrey Pines sold the hotel. These hotels are accounted for using the equity method and had total debt of approximately $685 million and $702 million as of December 31, 2024 and 2023, respectively. Substantially all the debt is secured solely by the affiliates' assets or is guaranteed by other partners without recourse to us.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles Intangible assets were: December 31, 2024 2023 (in millions) Air rights contract 45 45 Other 3 4 Accumulated amortization (7) (7) $ 41 $ 42 As of December 31, 2024, we estimated our future amortization expense for our intangible assets to be: Year (in millions) 2025 $ 1 2026 1 2027 1 2028 1 2029 1 Thereafter 36 $ 41

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt balances and associated interest rates as of December 31, 2024 were: Principal balance as of Interest Rate Maturity Date December 31, 2024 December 31, 2023 (in millions) HHV Mortgage Loan 4.20% November 2026 $ 1,275 $ 1,275 Other mortgage loans (1) Average rate of 4.40% 2025 to 2027 (2) 364 385 Revolver (3) SOFR + 1.80% (4) December 2026 — — 2024 Term Loan SOFR + 1.75% (4) May 2027 200 — 2025 Senior Notes 7.50% June 2025 — 650 2028 Senior Notes 5.88% October 2028 725 725 2029 Senior Notes 4.88% May 2029 750 750 2030 Senior Notes 7.00% February 2030 550 — Finance lease obligations 7.04% 2025 to 2028 1 1 3,865 3,786 Add: unamortized premium — 1 Less: unamortized deferred financing costs and discount (24) (22) $ 3,841 $ 3,765 ____________________________________________________________________________________ (1) In December 2024, the $14 million mortgage loan secured by the DoubleTree Hotel Spokane City Center was fully repaid when the hotel was sold. (2) Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042 but became callable by the lender in August 2022 with six months of notice. As of December 31, 2024, Park had not received notice from the lender. (3) Our revolving credit facility ("Revolver") permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $50 million, to be issued on behalf of us. As of December 31, 2024, we had approximately $4 million outstanding on a standby letter of credit and $946 million of available capacity under our Revolver. In January 2025, the standby letter of credit was cancelled, increasing the available capacity under our Revolver to $950 million. (4) The secured overnight financing rate ("SOFR") includes a credit spread adjustment of 0.1%. Mortgage Loans In October 2016, we entered into a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village (“HHV Mortgage Loan”). The HHV Mortgage Loan bears interest at a fixed-rate and requires interest-only payments through its maturity date. The HHV Mortgage Loan may be partially or fully prepaid, subject to prepayment penalties. Our other mortgage loans all bear interest at fixed-rates. Certain of our mortgage loans require interest-only loan payments through their respective maturity dates, and the remaining mortgage loans require payments of both principal and interest on a monthly basis. Credit Facilities 2016 Term Loan and Revolver In December 2016, we entered into a credit agreement (“Original Credit Agreement”) with Wells Fargo Bank, National Association as administrative agent, and certain other financial institutions party thereto as lenders. In December 2022, we amended and restated the Original Credit Agreement ("Credit Agreement"). The Credit Agreement provides aggregate commitments of $950 million for the Revolver, which can be increased by up to $500 million with lender approval, and matures on December 1, 2026, with the ability to extend its maturity by one year as (i) a one-year extension or (ii) two six-month extensions. Borrowings under the Revolver bear interest based upon the secured overnight financing rate ("SOFR") plus a credit spread adjustment of 0.1%, plus an applicable margin based on our leverage ratio. We incur an unused facility fee on the Revolver of between 0.2% and 0.3%, based on our level of usage. The Credit Agreement also contains certain financial covenants including a maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured leverage ratio, maximum unsecured indebtedness to unencumbered asset value ratio and minimum unencumbered adjusted net operating income to unsecured interest coverage ratio. The Credit Agreement allows us to conduct share repurchases, subject to compliance with the financial covenants, and released all collateral securing the Revolver and Senior Notes. The Credit Agreement restricts activities of the Company, including our ability to grant liens on certain properties, mergers, affiliate transactions, asset sales and the payment of dividends and distributions (except to the extent required to maintain REIT status and certain other agreed exceptions). Additionally, the Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $50 million, to be issued on behalf of us. Any outstanding standby letters of credit reduce the available borrowings on the Revolver by a corresponding amount. As of December 31, 2024, we had approximately $4 million outstanding on a standby letter of credit, which was cancelled in January 2025. 2024 Term Loan In May 2024, the Company, our Operating Company and PK Domestic Property LLC ("PK Domestic") amended the Credit Agreement to include a new $200 million senior unsecured term loan ("2024 Term Loan") with a scheduled maturity date of May 14, 2027. Borrowings under the 2024 Term Loan bear interest based upon SOFR plus a credit spread adjustment of 0.1%, plus an applicable margin based on our leverage ratio. As of December 31, 2024, our all-in interest rate was 6.21%. We capitalized $2 million of financing fees incurred during the year ended December 31, 2024. The amendment did not amend or modify existing financial maintenance covenants or other terms and provisions under our existing credit agreement, except to provide that income, value and debt of the Hilton San Francisco Hotels be excluded from the calculations of our leverage ratio, the fixed charge coverage ratio and the secured leverage ratio under the existing credit agreement. Senior Notes 2025 Senior Notes In May 2020, our Operating Company, PK Domestic and PK Finance Co-Issuer Inc. (“PK Finance”) issued an aggregate of $650 million of senior notes due 2025 ("2025 Senior Notes"), which bore interest at a rate of 7.500% per annum. In May 2024, all of the 2025 Senior Notes were repurchased or redeemed using the proceeds from the $550 million of senior notes due in 2030 ("2030 Senior Notes") and the 2024 Term Loan. 2028 Senior Notes In September 2020, our Operating Company, PK Domestic LLC and the PK Finance issued an aggregate of $725 million of senior notes due 2028 ("2028 Senior Notes"). The 2028 Senior Notes bear interest at a rate of 5.875% per annum, payable semi-annually in arrears on April 1 and October 1 of each year beginning April 1, 2021. We may redeem the 2028 Senior Notes, in whole or in part, at the applicable redemption prices set forth in the indenture. On or after October 1, 2025, we may redeem the 2028 Senior Notes at 100% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. 2029 Senior Notes In May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $750 million of senior notes due 2029 ("2029 Senior Notes"). The 2029 Senior Notes bear interest at a rate of 4.875% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning November 15, 2021. The 2029 Senior Notes will mature on May 15, 2029. We may redeem the 2029 Senior Notes, in whole or in part, at the applicable redemption prices set forth in the indenture. On or after May 15, 2026, we may redeem the 2029 Senior Notes at 100% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. 2030 Senior Notes In May 2024, our Operating Company, PK Domestic and PK Finance issued an aggregate of $550 million of 2030 Senior Notes. Net proceeds from the 2030 Senior Notes and the 2024 Term Loan were used to repurchase or redeem all of the 2025 Senior Notes, and the remainder was used for general corporate purposes. The 2030 Senior Notes bear interest at a rate of 7.000% per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning February 1, 2025. The 2030 Senior Notes will mature on February 1, 2030. We capitalized approximately $9 million of issuance costs during the year ended December 31, 2024. We may redeem the 2030 Senior Notes, in whole or in part, at the applicable redemption prices set forth in the indenture. On or after August 1, 2028, we may redeem the 2030 Senior Notes at 100% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Indentures The 2028 Senior Notes, 2029 Senior Notes and 2030 Senior Notes (collectively, the “Senior Notes”) are guaranteed by Park Parent, PK Domestic REIT Inc., and by the subsidiaries of our Operating Company that also guarantee indebtedness under our credit facility. The guarantees are full and unconditional and joint and several. The indentures governing the Senior Notes contain customary covenants that limit the issuers’ ability and, in certain instances, the ability of the issuers’ subsidiaries, to borrow money, create liens on assets, make distributions and pay dividends on or redeem or repurchase stock, make certain types of investments, sell stock in certain subsidiaries, enter into agreements that restrict dividends or other payments from subsidiaries, enter into transactions with affiliates, issue guarantees of indebtedness, and sell assets or merge with other companies. These covenants are subject to a number of exceptions and qualifications, including the ability to declare or pay any cash dividend or make any cash distribution to us to the extent necessary for us to fund a dividend or distribution by us that we believe is necessary to maintain our status as a REIT or to avoid payment of any tax for any calendar year that could be avoided by reason of such distribution, and the ability to make certain restricted payments not to exceed $100 million, plus 95% of our cumulative Funds From Operations (as defined in the indentures), plus the aggregate net proceeds from (i) the sale of certain equity interests in, (ii) capital contributions to, and (iii) certain convertible indebtedness of the Operating Company. In addition, the indentures require our Operating Company to maintain total unencumbered assets as of each fiscal quarter of at least 150% of total unsecured indebtedness, in each case calculated on a consolidated basis. Debt Maturities The contractual maturities of our debt, excluding the SF Mortgage Loan secured by the Hilton San Francisco Hotels and assuming the exercise of all extensions that are exercisable solely at our option, as of December 31, 2024 were: Year (in millions) 2025 $ 60 2026 1,550 2027 230 2028 725 2029 750 Thereafter 550 $ 3,865 Debt Associated with Hotels in Receivership In June 2023, we ceased making debt service payments towards the SF Mortgage Loan secured by the Hilton San Francisco Hotels, which was due November 2023, and we received a notice of default from the servicer. The stated rate on the loan is 4.11%; however, beginning June 1, 2023, the default interest rate on the loan is 7.11%. Additionally, beginning June 1, 2023, the loan accrues a monthly late payment administrative fee of 3% of the monthly amount due. In October 2023, the trustee for the SF Mortgage Loan filed a lawsuit against the borrowers under the SF Mortgage Loan. In connection with the lawsuit, the court appointed a receiver to take control of the Hilton San Francisco Hotels, which serve as security for the SF Mortgage Loan, and their operations, and thus, we have no further economic interest in the operations of the hotels. The receiver operates and has authority over the hotels and, until no later than March 31, 2025, has the ability to sell the hotels. The court order contemplates that the receivership will end with a non-judicial foreclosure by July 15, 2025, if the hotels are not sold within the predetermined sale period. We derecognized the Hilton San Francisco Hotels from our consolidated balance sheet in October 2023, when the receiver took control of the hotels and, accordingly, recognized a gain of $221 million for the year ended December 31, 2023, which is included in gain on derecognition of assets in our consolidated statements of operations. For the year ended December 31, 2024, we recognized a gain of $60 million representing accrued interest expense associated with the default of the SF Mortgage Loan, which resulted in a corresponding increase of the contract asset on our consolidated balance sheets as we expect to be released from this obligation upon final resolution with the lender on the SF Mortgage Loan in exchange for the transfer of ownership of the Hilton San Francisco Hotels. As of December 31, 2024 and 2023, the contract asset on our consolidated balance sheets was $820 million and $760 million, respectively. The $725 million SF Mortgage Loan will remain a liability until final resolution with the lender is concluded, and thus is included in debt associated with hotels in receivership

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We did not elect the fair value measurement option for our financial assets or liabilities. The fair values of our other financial instruments not included in the table below are estimated to be equal to their carrying amounts. The fair value of our debt and the hierarchy level we used to estimate fair values are shown below: December 31, 2024 December 31, 2023 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: HHV Mortgage Loan 3 $ 1,275 $ 1,212 $ 1,275 $ 1,195 Other mortgage loans 3 364 349 385 365 2024 Term Loan 3 200 199 — — 2025 Senior Notes 1 — — 650 652 2028 Senior Notes 1 725 712 725 713 2029 Senior Notes 1 750 706 750 702 2030 Senior Notes 1 550 559 — — The fair value of the SF Mortgage Loan, which has a carrying value of $725 million as of both December 31, 2024 and 2023 and categorized as Level 3 of the fair value hierarchy, was $718 million as of both December 31, 2024 and 2023. Refer to Note 7: "Debt" for additional information. During the year ended December 31, 2024, we recognized impairment losses related to two of our hotels subject to ground leases and our inability to recover the carrying value of the assets over the remaining lease term. During the year ended December 31, 2023, we recognized an impairment loss related to one of our hotels and in October 2023, that hotel, along with the other hotel securing our SF Mortgage Loan, were placed into receivership. Refer to Note 7: "Debt" for additional information. The estimated fair value of the assets that were measured on a nonrecurring basis were: December 31, 2024 December 31, 2023 Fair Value Impairment Loss Fair Value Impairment Loss (in millions) (in millions) Property and equipment (1) $ 2 $ 12 $ 234 $ 202 Total $ 2 $ 12 $ 234 $ 202 ____________________________________________________________________________________ (1)

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases We lease hotel properties, land and equipment under operating and financing leases. We are subject to ground leases on 12 of our consolidated properties as well as a lease for our corporate office. Our leases expire, including options under lessor control, at various dates through 2083, with varying renewal options, and the majority expire before 2031. Our operating leases may require minimum rent payments, variable rent payments based on a percentage of revenue or income or rent payments equal to the greater of a minimum rent or variable rent. In addition, we may be required to pay some, or all, of the capital costs for property and equipment in the hotel during the term of the lease. The future minimum rent payments under our current leases, due in each of the next five years and thereafter as of December 31, 2024, were: Operating Leases Year (in millions) 2025 $ 27 2026 23 2027 23 2028 23 2029 22 Thereafter 308 Total minimum rent payments 426 Less: imputed interest 201 Total operating lease liabilities $ 225 As of December 31, 2024 and 2023, the weighted average remaining operating lease term was 24.6 years and 26.0 years, respectively, and the weighted average discount rate used to determine the operating lease liabilities was 5.7% as of both December 31, 2024 and 2023. The components of rent expense, which are primarily included in other property expenses in our consolidated statements of operations, as well as supplemental cash flow and non-cash information for all operating leases were: Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 (in millions) Operating lease expense $ 23 $ 23 $ 28 Variable lease expense 16 16 13 Operating cash flows for operating leases 24 24 29 Operating lease right-of-use asset reassessments (1) 16 — (4) ____________________________________________________________________________________ (1)
Leases	Leases We lease hotel properties, land and equipment under operating and financing leases. We are subject to ground leases on 12 of our consolidated properties as well as a lease for our corporate office. Our leases expire, including options under lessor control, at various dates through 2083, with varying renewal options, and the majority expire before 2031. Our operating leases may require minimum rent payments, variable rent payments based on a percentage of revenue or income or rent payments equal to the greater of a minimum rent or variable rent. In addition, we may be required to pay some, or all, of the capital costs for property and equipment in the hotel during the term of the lease. The future minimum rent payments under our current leases, due in each of the next five years and thereafter as of December 31, 2024, were: Operating Leases Year (in millions) 2025 $ 27 2026 23 2027 23 2028 23 2029 22 Thereafter 308 Total minimum rent payments 426 Less: imputed interest 201 Total operating lease liabilities $ 225 As of December 31, 2024 and 2023, the weighted average remaining operating lease term was 24.6 years and 26.0 years, respectively, and the weighted average discount rate used to determine the operating lease liabilities was 5.7% as of both December 31, 2024 and 2023. The components of rent expense, which are primarily included in other property expenses in our consolidated statements of operations, as well as supplemental cash flow and non-cash information for all operating leases were: Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 (in millions) Operating lease expense $ 23 $ 23 $ 28 Variable lease expense 16 16 13 Operating cash flows for operating leases 24 24 29 Operating lease right-of-use asset reassessments (1) 16 — (4) ____________________________________________________________________________________ (1)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have been organized and operated, and we expect to continue to be organized and operate in a manner to qualify as a REIT. To qualify as a REIT, we must satisfy requirements related to, among other things, the real estate qualification of sources of our income, the real estate composition and values of our assets, the amounts we distribute to our stockholders annually and the diversity of ownership of our stock. To the extent we continue to remain qualified as a REIT, we generally will not be subject to U.S. federal (and state) income tax on taxable income generated by our REIT activities that we distribute annually to our stockholders. Accordingly, no provision for U.S. federal income taxes has been included in our accompanying consolidated financial statements for the years ended December 31, 2024, 2023 and 2022 related to our REIT activities other than taxes related to our sale of built-in gain property. Our TRSs are generally subject to U.S. federal, state and local, and foreign income taxes (as applicable). The components of our (benefit) provision for income taxes were: Year Ended December 31, 2024 2023 2022 (in millions) Current: U.S. Federal $ 5 $ 5 $ 1 State (4) 19 1 Total current 1 24 2 Deferred: U.S. Federal (43) 4 — State (19) 10 (2) Total deferred (62) 14 (2) Total (benefit) provision for income taxes $ (61) $ 38 $ — Reconciliations of our tax provision at the U.S. statutory rate to the (benefit) provision for income taxes were: Year Ended December 31, 2024 2023 2022 (in millions) Statutory U.S. federal income tax provision $ 35 $ 30 $ 36 State income taxes, net of U.S. federal tax benefit (6) 29 1 Change in deferred tax asset valuation allowance (54) — 4 REIT income not subject to tax (24) (23) (39) Derecognition and remeasurement of deferred taxes (14) — (2) Other 2 2 — (Benefit) provision for income taxes $ (61) $ 38 $ — Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities plus carryforward items. The composition of net deferred tax balances were as follows: December 31, 2024 2023 (in millions) Deferred income tax assets (1) $ 39 $ 1 Deferred income tax liabilities (2) — (24) Net deferred tax asset (liability) $ 39 $ (23) ____________________________________________________________________________________ (1) Included within other assets in our consolidated balance sheets, net of valuation allowance. (2) Included within other liabilities in our consolidated balance sheets. The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax balances were: December 31, 2024 2023 (in millions) Deferred tax assets: Net operating loss carryforwards $ 45 $ 49 Investments 6 5 Interest expense limitation 3 4 Other 4 7 Total gross deferred tax assets 58 65 Less: valuation allowance (5) (59) Deferred tax assets 53 6 Deferred tax liabilities: Property and equipment — (16) Investments (13) (10) Accrued compensation — (2) Other (1) (1) Deferred tax liabilities (14) (29) Net deferred tax asset (liability) $ 39 $ (23) As of December 31, 2024, we had U.S. federal and state net operating loss carryforwards of approximately $670 million, which resulted in deferred tax assets of $45 million. Our U.S. federal net operating loss carryforwards of approximately $266 million are not subject to expiration. We have U.S. state net operating loss carryforwards of approximately $404 million, certain of which will begin to expire in 2030. The cash distributions to stockholders in 2024, 2023 and 2022 are characterized, for U.S. federal income tax purposes, as follows: Year Ended December 31, 2024 2023 2022 Common distributions (per share): Ordinary dividends (1) $ 1.285731 $ 0.000000 $ 0.000000 Capital gain distributions (2) 0.114269 2.150000 0.280000 ____________________________________________________________________________________ (1) For the year ended December 31, 2024, the ordinary dividends include qualified dividends of $0.292918. (2) Capital gain distribution disclosure pursuant to Treasury Regulation §1.1061-6(c). The following additional information relates to the capital gain distributions for calendar years 2024, 2023 and 2022, as reported on Park Hotels & Resorts Inc. Form 1099-DIV, Box 2a. For purposes of Internal Revenue Code Section 1061, which is generally applicable to direct and indirect holders of “applicable partnership interests”: (i) the “One Year Amounts” are $0.000000 per share, and (ii) the “Three Year Amounts” are $0.000000 per share, with respect to the 2024, 2023 and 2022 capital gain distributions.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation We issue equity-based awards to our employees pursuant to the 2017 Omnibus Incentive Plan (the “2017 Employee Plan”) and our non-employee directors pursuant to the 2017 Stock Plan for Non-Employee Directors (the “2017 Director Plan”) both of which are amended and restated from time to time. The 2017 Employee Plan provides that a maximum of 14,070,000 shares of our common stock may be issued, and as of December 31, 2024, 6,670,858 shares of common stock remain available for future issuance. The 2017 Director Plan provides that a maximum of 950,000 shares of our common stock may be issued, and as of December 31, 2024, 143,583 shares of common stock remain available for future issuance. For the years ended December 31, 2024, 2023 and 2022, we recognized $19 million, $18 million and $17 million of share-based compensation expense, respectively. As of December 31, 2024, unrecognized compensation expense was $19 million, which is expected to be recognized over a weighted-average period of 1.5 years. The total fair value of shares vested (calculated as the number of shares multiplied by the vesting date share price) during the years ended December 31, 2024, 2023 and 2022 was $14 million, $7 million and $7 million, respectively. Restricted Stock Awards Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the years ended December 31, 2024, 2023 and 2022: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2022 789,322 $ 22.52 Granted 471,614 18.16 Vested (378,605) 22.51 Forfeited (38,485) 20.28 Unvested at December 31, 2022 843,846 20.19 Granted 696,356 13.45 Vested (539,133) 20.39 Forfeited (18,484) 15.52 Unvested at December 31, 2023 982,585 15.40 Granted 629,151 16.17 Vested (548,947) 15.79 Forfeited (53,118) 15.47 Unvested at December 31, 2024 1,009,671 $ 15.66 Performance Stock Units Performance Stock Units (“PSUs”) generally vest at the end of a three-year performance period and are subject to the achievement of a market condition based on a measure of our total shareholder return relative to the total shareholder return of the companies that comprise the FTSE Nareit Lodging Resorts Index (that have a market capitalization in excess of $1 billion as of the first day of the applicable performance period). The number of PSUs that may become vested ranges from zero to 200% of the number of PSUs granted to an employee, based on the level of achievement of the foregoing performance measure. Additionally, in November 2020, we granted special awards with vesting of these awards subject to the achievement of eight increasing levels of our average closing sales price per share, from $11.00 to $25.00, over a consecutive 20 trading day period (“Share Price Target”). One-eighth of PSUs vested at each date a Share Price Target was achieved, and at the end of the performance period in November 2024, six of the eight Share Price Targets were achieved (or 75% of the awards granted were vested), while the remaining two Share Price Targets were not achieved and the associated PSUs were forfeited. The following table provides a summary of PSUs for the years ended December 31, 2024, 2023 and 2022: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2022 972,074 $ 22.59 Granted 393,225 21.93 Forfeited (166,974) 34.47 Unvested at December 31, 2022 1,198,325 20.71 Granted 590,805 19.96 Forfeited (261,554) 24.80 Unvested at December 31, 2023 1,527,576 19.72 Granted 592,132 17.75 Vested (337,283) 26.99 Forfeited (265,854) 7.78 Unvested at December 31, 2024 1,516,571 $ 19.43 The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions: Year Ended December 31, 2024 2023 2022 Expected volatility (1) 36.0 % 48.0 % 57.5 % Dividend yield (2) — — — Risk-free rate (3) 4.5 % 4.3 % 1.7 % Expected term 3 years 3 years 3 years ____________________________________________________________________________________ (1) Estimated using a blended approach of historical and implied volatility. Historical volatility is based on the historical movement of Park’s stock price for a period that corresponds to the expected terms of the PSUs. (2) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected terms of the PSUs at the date of each grant.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (“EPS”): Year Ended December 31, 2024 2023 2022 (in millions, except per share amounts) Numerator: Net income attributable to stockholders $ 212 $ 97 $ 162 Earnings attributable to participating securities (1) (2) — Net income attributable to stockholders, net of earnings allocated to participating securities $ 211 $ 95 $ 162 Denominator: Weighted average shares outstanding – basic 207 214 228 Unvested restricted shares 2 1 — Weighted average shares outstanding – diluted 209 215 228 Earnings per share – Basic (1) $ 1.02 $ 0.44 $ 0.71 Earnings per share – Diluted (1) $ 1.01 $ 0.44 $ 0.71 ____________________________________________________________________________________ (1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.

Hotel Management Operating and

Hotel Management Operating and License Agreements	12 Months Ended
	Dec. 31, 2024
Hotel Management Operating And License Agreements [Abstract]
Hotel Management Operating And License Agreements	Hotel Management Operating and License Agreements Management and Franchise Fees We have management agreements, whereby we pay a base fee equal to a percentage of total revenues, as defined, as well as an incentive fee if specified financial performance targets are achieved. Our managers generally have sole responsibility for all activities necessary for the operation of the hotels, including establishing room rates, processing reservations and promoting and publicizing the hotels. Our managers also generally provide all employees for the hotels, prepare reports, budgets and projections, and provide other administrative and accounting support services to the hotels. We have consultative and limited approval rights with respect to certain actions of our managers, including entering into long-term or high value contracts, engaging in certain actions relating to legal proceedings, approving the operating budget, making certain capital expenditures and the hiring of certain management personnel. Our management agreements have initial terms ranging from 5 to 30 years and most allow for one or more renewal periods. Assuming all renewal periods are exercised by our hotel managers, the total term of our management agreements range from 5 to 70 years. We also have franchise agreements for seven hotels. The franchise agreements have an initial term of 10 to 20 years and cannot be extended without the franchisor’s consent. Marketing Fees Additionally, the management and franchise agreements generally require a marketing fee equal to a percentage of rooms revenues. Total marketing fees were $45 million, $47 million and $45 million for the years ended December 31, 2024, 2023 and 2022, respectively, and were included in other departmental and support expense in our consolidated statements of operations. Employee Cost Reimbursements

Business Segment Information

Business Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information As of December 31, 2024, we have two operating segments, our consolidated hotels and unconsolidated hotels. Our unconsolidated hotels operating segment does not meet the definition of a reportable segment, thus our consolidated hotels operating segment is our only reportable segment. Our CODM, who is our chief executive officer, evaluates our consolidated hotels primarily based on hotel adjusted earnings (loss) before interest income and expense, taxes and depreciation and amortization (“EBITDA”) when deciding how to allocate resources, in making other day-to-day operating decisions and evaluating our operating performance against other companies within our industry. Hotel Adjusted EBITDA, presented herein, is calculated as EBITDA from hotel operations, adjusted to exclude the following items that are not reflective of our ongoing operating performance or incurred in the normal course of business, and thus excluded from the CODM's analysis: • Gains or losses on sales of assets for both consolidated and unconsolidated investments; • Costs associated with hotel acquisitions or dispositions expensed during the period; • Severance expense; • Share-based compensation expense; • Impairment losses and casualty gains or losses; and • Other items that we believe are not representative of our current or future operating performance. The following table presents our reportable segment revenues reconciled to our consolidated amounts, reportable segment expenses and Hotel Adjusted EBITDA reconciled to net income: Year Ended December 31, 2024 2023 2022 (in millions) Revenues: Total revenues $ 2,599 $ 2,698 $ 2,501 Less: Other revenues (86) (85) (75) Total segment revenues 2,513 2,613 2,426 Less: Rooms expense 419 449 408 Food and beverage expense 474 501 449 Other departmental and support expense 605 635 613 Management fees 122 125 115 Other property segment expenses (1) 210 217 211 Total segment expenses 1,830 1,927 1,796 Hotel Adjusted EBITDA 683 686 630 Other revenues 86 85 75 Depreciation and amortization expense (257) (287) (269) Corporate general and administrative expense (69) (65) (63) Impairment and casualty loss (14) (204) (6) Other operating expenses (82) (83) (72) Gain on sales of assets, net 8 15 13 Gain on derecognition of assets 60 221 — Interest income 21 38 13 Interest expense (214) (207) (217) Interest expense associated with hotels in receivership (60) (45) (30) Equity in earnings from investments in affiliates (2) 31 11 15 Income tax benefit (expense) 61 (38) — Other (loss) gain, net (4) 4 96 Other items (24) (25) (12) Net income $ 226 $ 106 $ 173 ____________________________________________________________________________________ (1) Other property segment expenses primarily include real and personal property taxes, other local taxes, ground rent, equipment rent and property insurance incurred in the normal course of business. (2) For the year ended December 31, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines. The following table presents total assets for our consolidated hotels, reconciled to total assets: December 31, 2024 2023 (in millions) Consolidated hotels $ 9,153 $ 9,406 All other 8 13 Total assets $ 9,161 $ 9,419

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2024, we had outstanding commitments under third-party contracts of approximately $95 million for capital expenditures at our properties, of which $25 million relates to guestroom and lobby renovations at the Hilton Hawaiian Village Waikiki Beach Resort, $15 million relates to guestroom renovations at the Hilton New Orleans Riverside and $13 million relates to guestroom and lobby renovations at the Hilton Waikoloa Village. Our contracts contain clauses that allow us to cancel all or some portion of the work. If cancellation of a contract occurred, our commitment would be any costs incurred up to the cancellation date, in addition to any costs associated with the discharge of the contract. We are involved in litigation arising from the normal course of business, some of which includes claims for substantial sums, and may make certain indemnifications or guarantees to select buyers of our hotels as part of a sale process. We are also involved in claims and litigation that is not in the ordinary course of business in connection with the spin-off from Hilton. The spin-off agreements provide that Hilton will indemnify us from certain of these claims as well as require us to indemnify Hilton for other claims. In addition, losses related to certain contingent liabilities could be apportioned to us under the spin-off agreements. In connection with our obligation to indemnify Hilton under the spin-off agreements, we have reserved approximately $8 million as of December 31, 2024 related to litigation with respect to an audit by the Australian Tax Office (“ATO”) of Hilton related to the sale of the Hilton Sydney in June 2015. This amount could change as the litigation of the ATO’s claim progresses.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Interest paid during the years ended December 31, 2024, 2023 and 2022 was $185 million, $215 million and $245 million, respectively. We paid $15 million, $7 million and $7 million in income taxes during the years ended December 31, 2024, 2023 and 2022, respectively. Capital expenditures included within accounts payable and accrued expenses in our consolidated balance sheets were $37 million, $37 million and $33 million as of December 31, 2024, 2023 and 2022, respectively. The following non-cash financing activity was excluded from the consolidated statements of cash flows: During the year ended December 31, 2024: • We declared $131 million of dividends that were unpaid and accrued as of December 31, 2024. During the year ended December 31, 2023: • We declared $355 million of dividends that were unpaid and accrued as of December 31, 2023. During the year ended December 31, 2022: • We declared $56 million of dividends that were unpaid and accrued as of December 31, 2022.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2025, we repurchased 1.4 million shares of our common stock for a total purchase price of $20 million.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Park Hotels & Resorts Inc. Schedule III Real Estate and Accumulated Depreciation (Dollars in millions) December 31, 2024 Initial Cost Gross Amounts at Which Carried at Close of Period Hotel Property Encumbrances Land Building & Furniture, Costs Land Building & Improvements (1) Furniture, Total Accumulated Date of Construction Date Acquired (2) Life Upon Caribe Hilton $ — $ 38 $ 56 $ 7 $ 87 $ 40 $ 113 $ 35 $ 188 $ (66) 1949 10/24/2007 3 - 40 years DoubleTree Hotel Durango — — — 2 6 — 2 6 8 (6) 1985 10/24/2007 3 - 40 years DoubleTree Hotel Ontario Airport 30 14 58 3 21 13 64 19 96 (45) 1974 10/24/2007 3 - 40 years DoubleTree Hotel San Diego – Mission Valley — — — 2 18 — 10 10 20 (15) 1989 10/24/2007 3 - 40 years DoubleTree Hotel San Jose — 15 67 5 25 15 82 15 112 (48) 1980 10/24/2007 3 - 40 years DoubleTree Hotel Seattle Airport — — — 11 (3) 1 5 2 8 — 1969 10/24/2007 3 - 40 years DoubleTree Hotel Sonoma Wine Country — — — 4 12 — 6 10 16 (12) 1977 10/24/2007 3 - 40 years Embassy Suites Austin Downtown South Congress — — 45 2 19 — 58 8 66 (45) 1983 10/24/2007 3 - 40 years Hilton Boston Logan Airport — — 108 6 32 — 131 15 146 (65) 1999 10/24/2007 3 - 40 years Hilton Chicago — 69 233 12 202 71 385 60 516 (202) 1927 10/24/2007 3 - 40 years Hilton Hawaiian Village Waikiki Beach Resort 1,275 925 807 17 500 984 1,132 133 2,249 (575) 1961 10/24/2007 3 - 40 years Hilton McLean Tysons Corner — 50 82 3 (9) 23 58 45 126 (71) 1987 10/24/2007 3 - 40 years Hilton New Orleans Riverside — 89 217 3 133 90 283 69 442 (162) 1977 10/24/2007 3 - 40 years Hilton Salt Lake City Center — — — 10 21 — 9 22 31 (25) 2002 10/24/2007 3 - 40 years Hilton Santa Barbara Beachfront Resort 156 71 50 2 54 71 81 25 177 (48) 1986 10/24/2007 3 - 40 years Hilton Seattle Airport & Conference Center — — 70 3 17 — 81 9 90 (46) 1961 10/24/2007 3 - 40 years Hilton Short Hills — 59 54 3 (91) 13 10 2 25 (3) 1988 10/24/2007 3 - 40 years Hilton Waikoloa Village — 160 340 25 (22) 112 328 63 503 (193) 1988 10/24/2007 3 - 40 years New York Hilton Midtown — 1,096 542 13 151 1,043 665 94 1,802 (348) 1963 10/24/2007 3 - 40 years DoubleTree Hotel Washington DC – Crystal City — 43 95 2 52 43 128 21 192 (77) 1982 12/14/2007 3 - 40 years Hilton Orlando Lake Buena Vista — — 137 10 41 — 156 32 188 (85) 1983 8/30/2010 3 - 40 years Embassy Suites Kansas City – Plaza — — 26 1 5 — 29 3 32 (27) 1973 7/25/2014 3 - 40 years Signia by Hilton Orlando Bonnet Creek — 15 377 31 128 31 463 57 551 (130) 2009 2/12/2015 3 - 40 years Waldorf Astoria Orlando — 34 274 29 77 48 312 54 414 (98) 2009 2/12/2015 3 - 40 years Casa Marina Key West, Curio Collection — 164 174 9 52 169 198 32 399 (47) 1920 2/17/2015 3 - 40 years The Reach Key West, Curio Collection — 57 67 3 22 57 82 10 149 (27) 1970 2/17/2015 3 - 40 years Juniper Hotel Cupertino, Curio Collection — 40 64 8 2 40 65 9 114 (23) 1973 6/2/2015 3 - 40 years Boston Marriott Newton — 24 74 15 3 24 76 16 116 (25) 1969 9/18/2019 3 - 40 years Park Hotels & Resorts Inc. Schedule III Real Estate and Accumulated Depreciation (Dollars in millions) December 31, 2024 Initial Cost Gross Amounts at Which Carried at Close of Period Hotel Property Encumbrances Land Building & Furniture, Costs Land Building & Improvements (1) Furniture, Total Accumulated Date of Construction Date Acquired (2) Life Upon Hilton Checkers Los Angeles $ — $ 19 $ 44 $ 7 $ 3 $ 19 $ 46 $ 8 $ 73 $ (11) 1927 9/18/2019 3 - 40 years Hilton Denver City Center 53 14 163 21 4 14 165 23 202 (40) 1982 9/18/2019 3 - 40 years Hyatt Centric Fisherman’s Wharf — 33 122 11 7 33 126 14 173 (28) 1990 9/18/2019 3 - 40 years Hyatt Regency Boston 125 — 177 14 4 — 180 15 195 (37) 1985 9/18/2019 3 - 40 years Hyatt Regency Mission Bay Spa and Marina — 5 118 15 7 6 121 18 145 (33) 1961 9/18/2019 3 - 40 years JW Marriott San Francisco Union Square — — 191 13 7 — 198 13 211 (37) 1987 9/18/2019 3 - 40 years Royal Palm South Beach Miami, a Tribute — 16 139 12 15 16 150 16 182 (32) 1926 9/18/2019 3 - 40 years The Midland Hotel, a Tribute Portfolio Hotel (3) — 20 76 14 7 20 81 16 117 (21) 1928 9/18/2019 3 - 40 years The Wade (4) — 22 58 8 4 22 60 10 92 (18) 1965 9/18/2019 3 - 40 years Total $ 1,639 $ 3,092 $ 5,105 $ 356 $ 1,613 $ 3,018 $ 6,139 $ 1,009 $ 10,166 $ (2,771) ___________________________________________________________________________________ (1) Includes amounts classified as construction-in-progress. (2) On October 24, 2007, a predecessor to our Parent became a wholly owned subsidiary of an affiliate of The Blackstone Group L.P. following the completion of the Blackstone Merger. (3) In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel. (4) In February 2025, the W Chicago – Lakeshore was converted to The Wade. Park Hotels & Resorts Inc. Schedule III Real Estate and Accumulated Depreciation—(continued) (Dollars in millions) December 31, 2024 Notes: (A) The change in total cost of properties for the fiscal years ended December 31, 2024, 2023 and 2022 is as follows: Year Ended December 31, 2024 2023 2022 (in millions) Balance at beginning of period $ 10,075 $ 11,008 $ 11,010 Additions during period: Capital expenditures 227 307 188 Deductions during period: Dispositions, including casualty losses and impairment loss on planned dispositions (136) (199) (190) Derecognition of assets (1) — (1,041) — Balance at end of period $ 10,166 $ 10,075 $ 11,008 ____________________________________________________________________________________ (1) For the year ended December 31, 2023, represents the derecognition of the Hilton San Francisco Hotels from our consolidated balance sheet in October 2023, when the receiver took control of the hotels. (B) The change in accumulated depreciation for the fiscal years ended December 31, 2024, 2023 and 2022 is as follows: Year Ended December 31, 2024 2023 2022 (in millions) Balance at beginning of period $ 2,620 $ 2,712 $ 2,504 Additions during period: Depreciation expense 255 254 267 Deductions during period: Dispositions, including casualty losses and impairment loss on planned dispositions (104) (68) (59) Derecognition of assets (1) — (278) — Balance at end of period $ 2,771 $ 2,620 $ 2,712 ____________________________________________________________________________________ (1) For the year ended December 31, 2023, represents the derecognition of the Hilton San Francisco Hotels from our consolidated balance sheet in October 2023, when the receiver took control of the hotels. (C) The aggregate cost of real estate for U.S. federal income tax purposes is approximately $5,807 billion as of December 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 212	$ 97	$ 162

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Processes for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats Park's Audit Committee oversees its cybersecurity risk assessment, risk management and risk mitigation policies and programs. Park's Enterprise Risk Management ("ERM") Committee reports to the Audit Committee and is responsible for identifying Park's cybersecurity risks. Park also has a dedicated Risk Management team that reports to the ERM Committee, which includes representatives from several departments, external consultants and insurance professionals who interface with brand and management partners to assist with risk mitigation at our properties. Additionally, we have engaged third-party service providers to assist with risk mitigation activities, implementing security monitoring capabilities designed to alert us to suspicious activity, and developing an incident response program that is designed to restore business operations as quickly and as orderly as possible in the event of a cybersecurity incident. Our cybersecurity incident response plan requires prompt notification of senior management in the event of a cybersecurity incident that has affected or is expected to affect the Company and prompt briefings on subsequent developments as appropriate. We have undertaken table-top risk exercises and employees participate in mandatory annual trainings and receive communications regarding the cybersecurity environment to increase awareness throughout the Company. The Company's cybersecurity program is informed by industry-recognized security frameworks such as the U.S. National Institute of Standards and Technology Cybersecurity Framework. We use a risk-based approach with respect to our use and oversight of third-party service providers, tailoring processes according to the nature and sensitivity of the data accessed, processed, or stored by such third-party service provider and performing additional risk screenings and procedures, as appropriate.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Park maintains comprehensive technologies and programs to help ensure our information technology and systems are effective and prepared for data privacy and cybersecurity risks, including oversight of our programs for security monitoring for internal and external threats to help ensure the confidentiality, availability and integrity of our information assets.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Chief Financial Officer ("CFO") has significant work experience related to information security issues and oversight and is the executive officer that oversees our cybersecurity program, which includes the implementation of controls to identify threats, detect attacks and protect our information assets. Our dedicated ERM Committee, which includes our CFO and certain members of our executive leadership team, provides principal oversight and guidance of our cybersecurity risk management programs and processes. While our Board has overall responsibility for risk oversight, our Audit Committee oversees cybersecurity risk matters. Our Audit Committee is responsible for reviewing and overseeing the Company's data privacy, information technology and security and cybersecurity risk exposures and the guidelines, programs and steps implemented by management to assess, manage and mitigate any such exposures. The ERM Committee reports to the Audit Committee at least annually on the Company's enterprise risk management and will report cybersecurity incidents to the Audit Committee as they occur, if material.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	While our Board has overall responsibility for risk oversight, our Audit Committee oversees cybersecurity risk matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee is responsible for reviewing and overseeing the Company's data privacy, information technology and security and cybersecurity risk exposures and the guidelines, programs and steps implemented by management to assess, manage and mitigate any such exposures. The ERM Committee reports to the Audit Committee at least annually on the Company's enterprise risk management and will report cybersecurity incidents to the Audit Committee as they occur, if material.
Cybersecurity Risk Role of Management [Text Block]	Park maintains comprehensive technologies and programs to help ensure our information technology and systems are effective and prepared for data privacy and cybersecurity risks, including oversight of our programs for security monitoring for internal and external threats to help ensure the confidentiality, availability and integrity of our information assets. Processes for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats Park's Audit Committee oversees its cybersecurity risk assessment, risk management and risk mitigation policies and programs. Park's Enterprise Risk Management ("ERM") Committee reports to the Audit Committee and is responsible for identifying Park's cybersecurity risks. Park also has a dedicated Risk Management team that reports to the ERM Committee, which includes representatives from several departments, external consultants and insurance professionals who interface with brand and management partners to assist with risk mitigation at our properties. Additionally, we have engaged third-party service providers to assist with risk mitigation activities, implementing security monitoring capabilities designed to alert us to suspicious activity, and developing an incident response program that is designed to restore business operations as quickly and as orderly as possible in the event of a cybersecurity incident. Our cybersecurity incident response plan requires prompt notification of senior management in the event of a cybersecurity incident that has affected or is expected to affect the Company and prompt briefings on subsequent developments as appropriate. We have undertaken table-top risk exercises and employees participate in mandatory annual trainings and receive communications regarding the cybersecurity environment to increase awareness throughout the Company. The Company's cybersecurity program is informed by industry-recognized security frameworks such as the U.S. National Institute of Standards and Technology Cybersecurity Framework. We use a risk-based approach with respect to our use and oversight of third-party service providers, tailoring processes according to the nature and sensitivity of the data accessed, processed, or stored by such third-party service provider and performing additional risk screenings and procedures, as appropriate. Management and Board Oversight Our Chief Financial Officer ("CFO") has significant work experience related to information security issues and oversight and is the executive officer that oversees our cybersecurity program, which includes the implementation of controls to identify threats, detect attacks and protect our information assets. Our dedicated ERM Committee, which includes our CFO and certain members of our executive leadership team, provides principal oversight and guidance of our cybersecurity risk management programs and processes. While our Board has overall responsibility for risk oversight, our Audit Committee oversees cybersecurity risk matters. Our Audit Committee is responsible for reviewing and overseeing the Company's data privacy, information technology and security and cybersecurity risk exposures and the guidelines, programs and steps implemented by management to assess, manage and mitigate any such exposures. The ERM Committee reports to the Audit Committee at least annually on the Company's enterprise risk management and will report cybersecurity incidents to the Audit Committee as they occur, if material.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Financial Officer ("CFO") has significant work experience related to information security issues and oversight and is the executive officer that oversees our cybersecurity program, which includes the implementation of controls to identify threats, detect attacks and protect our information assets.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Financial Officer ("CFO") has significant work experience related to information security issues and oversight and is the executive officer that oversees our cybersecurity program, which includes the implementation of controls to identify threats, detect attacks and protect our information assets.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The ERM Committee reports to the Audit Committee at least annually on the Company's enterprise risk management and will report cybersecurity incidents to the Audit Committee as they occur, if material.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of the Company, our wholly owned subsidiaries and entities in which we have a controlling financial interest, including variable interest entities (“VIEs”) where we are the primary beneficiary. The consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany transactions and balances within these consolidated financial statements have been eliminated.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Property and Equipment	Property and equipment are recorded at cost, and interest applicable to major construction or development projects is capitalized. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (8 to 40 years); furniture and equipment (3 to 8 years); and computer equipment and acquired software (3 years). Leasehold improvements are depreciated over the shorter of the estimated useful life, based on the estimates above, or the lease term. We evaluate the carrying value of our property and equipment if there are indicators of potential impairment. We perform an analysis to determine the recoverability of the asset’s carrying value by comparing the expected undiscounted future cash flows to the net book value of the asset. If it is determined that the expected undiscounted future cash flows are less than the net book value of the asset, the excess of the net book value over the estimated fair value is recorded in our consolidated statements of operations within impairment losses. Fair value is generally estimated using valuation techniques that consider the discounted cash flows of the asset using discount and capitalization rates deemed reasonable for the type of asset, as well as prevailing market conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds from pending offers. If sufficient information exists to reasonably estimate the fair value of a conditional asset retirement obligation, including environmental remediation liabilities, we recognize the fair value of the obligation when the obligation is incurred, which is generally upon acquisition, construction or development and/or through the normal operation of the asset.
Assets Held For Sale	We classify a property as held for sale when we commit to a plan to sell the asset, the sale of the asset is probable within one year, and it is unlikely that action to complete the sale will change or that the sale will be withdrawn. When we determine that classification of an asset as held for sale is appropriate, we cease recording depreciation for the asset and value the property at the lower of depreciated cost or fair value, less costs to dispose. Further, the related assets and liabilities of the held for sale property will be classified as assets held for sale in our consolidated balance sheets. Any gains on sales of properties are recognized at the time of sale or deferred and recognized in net income
Investments in Affiliates	The consolidated financial statements include entities in which we have a controlling financial interest, including VIEs where we are the primary beneficiary. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a VIE, we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50 percent of the voting shares of a company or otherwise have a controlling financial interest. References in these financial statements to net income attributable to stockholders do not include non-controlling interests, which represent the outside ownership interests of our consolidated, non-wholly owned entities and are reported separately.
Investments in Affiliates	We hold investments in affiliates that primarily own or lease hotels. Investments in affiliates over which we exercise significant influence, but lack a controlling financial interest, are accounted for using the equity method. We account for investments using the equity method when we have the ability to exercise significant influence over the entity, typically through a more than minimal investment. Our proportionate share of earnings (losses) from our equity method investments is presented as equity in earnings from investments in affiliates in our consolidated statements of operations. Distributions from investments in affiliates are presented as an operating activity in our consolidated statements of cash flows when such distributions are a return on investment. Distributions from investments in affiliates are recorded as an investing activity in our consolidated statements of cash flows when such distributions are a return of investment. We assess the recoverability of our equity method investments if there are indicators of potential impairment. If an identified event or change in circumstances requires an evaluation to determine if an investment may have an other-than-temporary impairment, we assess the fair value of the investment based on accepted valuation methodologies, which include discounted cash flows, estimates of sales proceeds and external appraisals. If an investment’s fair value is below its carrying value and the decline is considered to be other-than-temporary, we will recognize an impairment loss in equity in earnings from investments in affiliates in our consolidated statements of operations.
Non-controlling Interests	We present the portion of any equity that we do not own in entities that we have a controlling financial interest (and thus consolidate) as non-controlling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, on our consolidated balance sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss is allocated between the joint venture partners based on their respective stated ownership percentages. In addition, we include net income (loss) attributable to the noncontrolling interest in net income in our consolidated statements of operations.
Intangible Assets	Intangible assets with finite useful lives primarily include an air rights contract. The air rights contract value is based on the present value of the difference between the contractual rental amounts and the market rental rates for similar contracts, measured over a period equal to the remaining non-cancellable term of the contract. Intangible assets are amortized using the straight-line method over the remaining term of the contract. We review all finite lived intangible assets for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of the carrying value over the fair value in our consolidated statements of operations.
Asset Acquisitions	We consider an asset acquisition to occur when substantially all the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets. In an acquisition of assets, we are not required to expense our acquisition-related costs, and goodwill is not assigned. We will account for the properties purchased as asset acquisitions by allocating the total cash consideration, including transaction costs, to the individual assets acquired and liabilities assumed, respectively, on a relative fair value basis.
Business Combinations	We consider a business combination to occur when we take control of a business by acquiring its net assets or equity interests. We record the assets acquired, liabilities assumed and non-controlling interests at fair value as of the acquisition date, including any contingent consideration. We evaluate factors, including market data for similar assets, expected future cash flows discounted at risk-adjusted rates and replacement cost for the assets to determine an appropriate fair value of the assets. Acquisition-related costs, such as due diligence, legal and accounting fees, are expensed in the period incurred and are not capitalized or applied in determining the fair value of the acquired assets.
Cash and Cash Equivalents	Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less.
Restricted Cash	Restricted cash includes cash balances established as lender reserves required by our debt agreements and reserves for capital expenditures in accordance with certain of our management agreements.
Allowance for Doubtful Accounts	An allowance for doubtful accounts is provided on accounts receivable when losses are probable based on historical collection activity and current business conditions.
Leases	We consider an arrangement to contain a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for compensation. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent the present value of our fixed payment obligations. Leases with a term of 12 months or less are not recorded on the balance sheet. We use our estimated incremental borrowing rate to determine the present value of our lease obligations. Our operating leases may require fixed payments, variable payments based on a percentage of revenue or income, or payments equal to the greater of a fixed or variable payment. Variable payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation is incurred. Operating lease expense is recognized on a straight-line basis over the lease term. Our lease terms include renewal options that we are reasonably certain to exercise, and renewal options controlled by the lessor.
Fair Value Measurements - Valuation Hierarchy	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (an exit price). We use the three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-level hierarchy of inputs is summarized below: • Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument. • Level 3—Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety at the end of each reporting period.
Revenue Recognition	Our results of operations primarily consist of room rentals, food and beverage sales and other ancillary goods and services from hotel properties. Other revenues primarily relate to support services we provide to Hilton Grand Vacations (“HGV”). Hotel operating revenues are disaggregated into room revenue, food and beverage revenue, ancillary hotel revenue and other revenue on the consolidated statements of operations to illustrate how economic factors affect the nature, amount and timing, and uncertainty of revenue and cash flows. Rooms revenue is recognized over time when rooms are occupied and food and beverage revenue is recognized at a point in time when goods and services have been delivered or rendered. Ancillary hotel revenue and other revenue is generally recognized at a point in time as goods and services are delivered or rendered. We assess if we are the principal or agent for certain ancillary services provided by third parties. If we are the principal, we recognize revenue based on the gross sales price. If we are the agent, we recognize revenue net of costs paid to service providers. Payment received for a future stay or event is recognized as an advance deposit, which is included in other liabilities
Share-based Compensation	We recognize the cost of services received in share-based payment transactions with employees and non-employee directors as services are received and recognize a corresponding increase in additional paid-in capital for equity classified awards. We account for any forfeitures when they occur.
Income Taxes	We have been organized and operated, and we expect to continue to be organized and operate, in a manner to qualify as a REIT. To qualify as a REIT, we must satisfy requirements related to, among other things, the real estate qualification of sources of our income, the real estate composition and values of our assets, the amounts we distribute to our stockholders annually and the diversity of ownership of our stock. To the extent we continue to remain qualified as a REIT, we generally will not be subject to U.S. federal (and state) income tax on taxable income generated by our REIT activities that we distribute annually to our stockholders. Accordingly, no provision for U.S. federal income taxes has been included in our accompanying consolidated financial statements for the years ended December 31, 2024, 2023 and 2022 related to our REIT activities other than taxes related to our sale of built-in gain property (representing property held by us with an excess of fair value over tax basis on January 4, 2017). We will remain subject to California income tax on taxable sales of built-in-gain property until January 2027. Further, our taxable REIT subsidiaries (“TRSs”) are generally subject to U.S. federal, state and local, and foreign income taxes (as applicable). We account for income taxes using the asset and liability method. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, to recognize the deferred tax assets and liabilities that relate to tax consequences in future years, which result from differences between the respective tax basis of assets and liabilities and their financial reporting amounts, and to recognize tax loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the respective temporary differences or operating loss or tax credit carry forwards are expected to be recovered or settled. The realization of deferred tax assets and tax loss and tax credit carry forwards is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. Valuation allowances are provided to reduce such deferred tax assets to amounts more likely than not to be ultimately realized.
Recently Issued Accounting Pronouncements	In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosures about the existing rate reconciliation and income taxes paid information. We expect to adopt ASU 2023-09 when the requirements become effective for the year-ended December 31, 2025. ASU 2023-09 is required to be adopted on a prospective basis, but retrospective adoption is permitted. We are currently evaluating the effect that ASU 2023-09 will have on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03 ("ASU 2024-03"), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) , which adds guidance on providing qualitative and quantitative disclosures about certain costs and expenses. Although early adoption is permitted, we expect to adopt ASU-2024 03 on a prospective basis when the requirements become effective for the year ended December 31, 2027. We are currently evaluating the effect that ASU 2024-03 will have on our consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets and Liabilities Held for Sale and Dispositions	Hotel Location Month Sold Hampton Inn & Suites Memphis – Shady Grove Memphis, Tennessee April 2022 Hilton Chicago/Oak Brook Suites Chicago, Illinois May 2022 Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, Washington June 2022 Hilton Garden Inn Chicago/Oakbrook Terrace Chicago, Illinois July 2022 Hilton Garden Inn LAX/El Segundo El Segundo, California September 2022

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment were: December 31, 2024 2023 (in millions) Land $ 3,018 $ 2,990 Buildings and leasehold improvements 5,989 5,814 Furniture and equipment 1,023 947 Construction-in-progress 152 341 10,182 10,092 Accumulated depreciation (2,784) (2,633) $ 7,398 $ 7,459

Consolidated Variable Interes_2

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates (Tables)	12 Months Ended
	Dec. 31, 2024
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets	Our consolidated balance sheets include the following assets and liabilities of these entities: December 31, 2024 2023 (in millions) Property and equipment, net $ 181 $ 209 Cash and cash equivalents 34 17 Restricted cash 2 2 Accounts receivable, net 3 5 Prepaid expenses 3 3 Debt 186 202 Accounts payable and accrued expenses 10 11 Due to hotel manager 3 2 Other liabilities 2 3

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets were: December 31, 2024 2023 (in millions) Air rights contract 45 45 Other 3 4 Accumulated amortization (7) (7) $ 41 $ 42
Finite-Lived Intangible Assets Amortization Expense	As of December 31, 2024, we estimated our future amortization expense for our intangible assets to be: Year (in millions) 2025 $ 1 2026 1 2027 1 2028 1 2029 1 Thereafter 36 $ 41

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances and associated interest rates as of December 31, 2024 were: Principal balance as of Interest Rate Maturity Date December 31, 2024 December 31, 2023 (in millions) HHV Mortgage Loan 4.20% November 2026 $ 1,275 $ 1,275 Other mortgage loans (1) Average rate of 4.40% 2025 to 2027 (2) 364 385 Revolver (3) SOFR + 1.80% (4) December 2026 — — 2024 Term Loan SOFR + 1.75% (4) May 2027 200 — 2025 Senior Notes 7.50% June 2025 — 650 2028 Senior Notes 5.88% October 2028 725 725 2029 Senior Notes 4.88% May 2029 750 750 2030 Senior Notes 7.00% February 2030 550 — Finance lease obligations 7.04% 2025 to 2028 1 1 3,865 3,786 Add: unamortized premium — 1 Less: unamortized deferred financing costs and discount (24) (22) $ 3,841 $ 3,765 ____________________________________________________________________________________ (1) In December 2024, the $14 million mortgage loan secured by the DoubleTree Hotel Spokane City Center was fully repaid when the hotel was sold. (2) Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042 but became callable by the lender in August 2022 with six months of notice. As of December 31, 2024, Park had not received notice from the lender. (3) Our revolving credit facility ("Revolver") permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $50 million, to be issued on behalf of us. As of December 31, 2024, we had approximately $4 million outstanding on a standby letter of credit and $946 million of available capacity under our Revolver. In January 2025, the standby letter of credit was cancelled, increasing the available capacity under our Revolver to $950 million. (4) The secured overnight financing rate ("SOFR") includes a credit spread adjustment of 0.1%.
Schedule of Maturities of Long-Term Debt	The contractual maturities of our debt, excluding the SF Mortgage Loan secured by the Hilton San Francisco Hotels and assuming the exercise of all extensions that are exercisable solely at our option, as of December 31, 2024 were: Year (in millions) 2025 $ 60 2026 1,550 2027 230 2028 725 2029 750 Thereafter 550 $ 3,865

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values	The fair value of our debt and the hierarchy level we used to estimate fair values are shown below: December 31, 2024 December 31, 2023 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: HHV Mortgage Loan 3 $ 1,275 $ 1,212 $ 1,275 $ 1,195 Other mortgage loans 3 364 349 385 365 2024 Term Loan 3 200 199 — — 2025 Senior Notes 1 — — 650 652 2028 Senior Notes 1 725 712 725 713 2029 Senior Notes 1 750 706 750 702 2030 Senior Notes 1 550 559 — —
Estimated Fair Value of Assets Measured on Nonrecurring Basis	The estimated fair value of the assets that were measured on a nonrecurring basis were: December 31, 2024 December 31, 2023 Fair Value Impairment Loss Fair Value Impairment Loss (in millions) (in millions) Property and equipment (1) $ 2 $ 12 $ 234 $ 202 Total $ 2 $ 12 $ 234 $ 202 ____________________________________________________________________________________ (1)

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Maturity	The future minimum rent payments under our current leases, due in each of the next five years and thereafter as of December 31, 2024, were: Operating Leases Year (in millions) 2025 $ 27 2026 23 2027 23 2028 23 2029 22 Thereafter 308 Total minimum rent payments 426 Less: imputed interest 201 Total operating lease liabilities $ 225
Lease, Cost	The components of rent expense, which are primarily included in other property expenses in our consolidated statements of operations, as well as supplemental cash flow and non-cash information for all operating leases were: Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 (in millions) Operating lease expense $ 23 $ 23 $ 28 Variable lease expense 16 16 13 Operating cash flows for operating leases 24 24 29 Operating lease right-of-use asset reassessments (1) 16 — (4) ____________________________________________________________________________________ (1)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our (benefit) provision for income taxes were: Year Ended December 31, 2024 2023 2022 (in millions) Current: U.S. Federal $ 5 $ 5 $ 1 State (4) 19 1 Total current 1 24 2 Deferred: U.S. Federal (43) 4 — State (19) 10 (2) Total deferred (62) 14 (2) Total (benefit) provision for income taxes $ (61) $ 38 $ —
Schedule of Effective Income Tax Rate Reconciliation	Reconciliations of our tax provision at the U.S. statutory rate to the (benefit) provision for income taxes were: Year Ended December 31, 2024 2023 2022 (in millions) Statutory U.S. federal income tax provision $ 35 $ 30 $ 36 State income taxes, net of U.S. federal tax benefit (6) 29 1 Change in deferred tax asset valuation allowance (54) — 4 REIT income not subject to tax (24) (23) (39) Derecognition and remeasurement of deferred taxes (14) — (2) Other 2 2 — (Benefit) provision for income taxes $ (61) $ 38 $ —
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities plus carryforward items. The composition of net deferred tax balances were as follows: December 31, 2024 2023 (in millions) Deferred income tax assets (1) $ 39 $ 1 Deferred income tax liabilities (2) — (24) Net deferred tax asset (liability) $ 39 $ (23) ____________________________________________________________________________________ (1) Included within other assets in our consolidated balance sheets, net of valuation allowance. (2) Included within other liabilities in our consolidated balance sheets. The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax balances were: December 31, 2024 2023 (in millions) Deferred tax assets: Net operating loss carryforwards $ 45 $ 49 Investments 6 5 Interest expense limitation 3 4 Other 4 7 Total gross deferred tax assets 58 65 Less: valuation allowance (5) (59) Deferred tax assets 53 6 Deferred tax liabilities: Property and equipment — (16) Investments (13) (10) Accrued compensation — (2) Other (1) (1) Deferred tax liabilities (14) (29) Net deferred tax asset (liability) $ 39 $ (23)
Schedule Of Cash Distributions To Stockholders For Federal Income Tax Purposes	The cash distributions to stockholders in 2024, 2023 and 2022 are characterized, for U.S. federal income tax purposes, as follows: Year Ended December 31, 2024 2023 2022 Common distributions (per share): Ordinary dividends (1) $ 1.285731 $ 0.000000 $ 0.000000 Capital gain distributions (2) 0.114269 2.150000 0.280000 ____________________________________________________________________________________ (1) For the year ended December 31, 2024, the ordinary dividends include qualified dividends of $0.292918. (2) Capital gain distribution disclosure pursuant to Treasury Regulation §1.1061-6(c). The following additional information relates to the capital gain distributions for calendar years 2024, 2023 and 2022, as reported on Park Hotels & Resorts Inc. Form 1099-DIV, Box 2a. For purposes of Internal Revenue Code Section 1061, which is generally applicable to direct and indirect holders of “applicable partnership interests”: (i) the “One Year Amounts” are $0.000000 per share, and (ii) the “Three Year Amounts” are $0.000000 per share, with respect to the 2024, 2023 and 2022 capital gain distributions.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards ("RSAs")	Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the years ended December 31, 2024, 2023 and 2022: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2022 789,322 $ 22.52 Granted 471,614 18.16 Vested (378,605) 22.51 Forfeited (38,485) 20.28 Unvested at December 31, 2022 843,846 20.19 Granted 696,356 13.45 Vested (539,133) 20.39 Forfeited (18,484) 15.52 Unvested at December 31, 2023 982,585 15.40 Granted 629,151 16.17 Vested (548,947) 15.79 Forfeited (53,118) 15.47 Unvested at December 31, 2024 1,009,671 $ 15.66
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the years ended December 31, 2024, 2023 and 2022: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2022 972,074 $ 22.59 Granted 393,225 21.93 Forfeited (166,974) 34.47 Unvested at December 31, 2022 1,198,325 20.71 Granted 590,805 19.96 Forfeited (261,554) 24.80 Unvested at December 31, 2023 1,527,576 19.72 Granted 592,132 17.75 Vested (337,283) 26.99 Forfeited (265,854) 7.78 Unvested at December 31, 2024 1,516,571 $ 19.43
Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model	The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions: Year Ended December 31, 2024 2023 2022 Expected volatility (1) 36.0 % 48.0 % 57.5 % Dividend yield (2) — — — Risk-free rate (3) 4.5 % 4.3 % 1.7 % Expected term 3 years 3 years 3 years ____________________________________________________________________________________ (1) Estimated using a blended approach of historical and implied volatility. Historical volatility is based on the historical movement of Park’s stock price for a period that corresponds to the expected terms of the PSUs. (2) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected terms of the PSUs at the date of each grant.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table presents the calculation of basic and diluted earnings per share (“EPS”): Year Ended December 31, 2024 2023 2022 (in millions, except per share amounts) Numerator: Net income attributable to stockholders $ 212 $ 97 $ 162 Earnings attributable to participating securities (1) (2) — Net income attributable to stockholders, net of earnings allocated to participating securities $ 211 $ 95 $ 162 Denominator: Weighted average shares outstanding – basic 207 214 228 Unvested restricted shares 2 1 — Weighted average shares outstanding – diluted 209 215 228 Earnings per share – Basic (1) $ 1.02 $ 0.44 $ 0.71 Earnings per share – Diluted (1) $ 1.01 $ 0.44 $ 0.71 ____________________________________________________________________________________ (1)

Business Segment Information (T

Business Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Net Loss to Hotel Adjusted EBITDA	The following table presents our reportable segment revenues reconciled to our consolidated amounts, reportable segment expenses and Hotel Adjusted EBITDA reconciled to net income: Year Ended December 31, 2024 2023 2022 (in millions) Revenues: Total revenues $ 2,599 $ 2,698 $ 2,501 Less: Other revenues (86) (85) (75) Total segment revenues 2,513 2,613 2,426 Less: Rooms expense 419 449 408 Food and beverage expense 474 501 449 Other departmental and support expense 605 635 613 Management fees 122 125 115 Other property segment expenses (1) 210 217 211 Total segment expenses 1,830 1,927 1,796 Hotel Adjusted EBITDA 683 686 630 Other revenues 86 85 75 Depreciation and amortization expense (257) (287) (269) Corporate general and administrative expense (69) (65) (63) Impairment and casualty loss (14) (204) (6) Other operating expenses (82) (83) (72) Gain on sales of assets, net 8 15 13 Gain on derecognition of assets 60 221 — Interest income 21 38 13 Interest expense (214) (207) (217) Interest expense associated with hotels in receivership (60) (45) (30) Equity in earnings from investments in affiliates (2) 31 11 15 Income tax benefit (expense) 61 (38) — Other (loss) gain, net (4) 4 96 Other items (24) (25) (12) Net income $ 226 $ 106 $ 173 ____________________________________________________________________________________ (1) Other property segment expenses primarily include real and personal property taxes, other local taxes, ground rent, equipment rent and property insurance incurred in the normal course of business. (2) For the year ended December 31, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines.
Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets	The following table presents total assets for our consolidated hotels, reconciled to total assets: December 31, 2024 2023 (in millions) Consolidated hotels $ 9,153 $ 9,406 All other 8 13 Total assets $ 9,161 $ 9,419

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jul. 31, 2024	Oct. 31, 2022	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Advance deposit balance				$ 120	$ 107
Gross proceeds on sale of hotel portfolio properties			$ 149
Joint Venture Owners
Property, Plant and Equipment [Line Items]
Gross proceeds on sale of hotel portfolio properties	$ 165	$ 22
Minimum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)				8 years
Minimum | Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Useful life (in years)				3 years
Minimum | Computer Equipment and Acquired Software
Property, Plant and Equipment [Line Items]
Useful life (in years)				3 years
Maximum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)				40 years
Maximum | Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Useful life (in years)				8 years

Acquisitions and Dispositions_2

Acquisitions and Dispositions (Detail) $ in Thousands	1 Months Ended						12 Months Ended
	Dec. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Oct. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) parcel	Dec. 31, 2022 USD ($) hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties									$ 149,000
Repayments of term loan							$ 22,000	$ 83,000	64,000
Debt	$ 3,841,000						3,841,000	$ 3,765,000
Net gain on selling cost of hotel portfolio properties						$ 92,000			$ 15,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]								Other (loss) gain, net
DoubleTree Hotel Spokane City Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties	35,000
Repayments of term loan	14,000
Proceeds from Divestiture of Businesses, Net of Cash Divested							$ 10,000
Net gain on selling cost of hotel portfolio properties	$ 8,000
Joint Venture Owners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties		$ 165,000			$ 22,000
Double Tree Hotel Las Vegas Airport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties					11,000
Hilton La Jolla Torrey Pines
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties		41,000
Debt		17,000
Net gain on selling cost of hotel portfolio properties		$ 19,000
Hilton San Diego Bayfront
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties						157,000
Decrease in gross proceeds from share of mortgage debt in joint venture						$ 55,000
Double Tree Hotel Las Vegas Airport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain on disposal					$ 9,000
Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel portfolio properties sold | hotel									5
Embassy Suites Phoenix Airport Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Termination fee			$ 4,000
Land adjacent to Hilton Hawaiian Village Waikiki Beach Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land including improvements | parcel								2
Acquisition costs								$ 18,000
Hilton Miami Airport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties				$ 118,250
Net gain on selling cost of hotel portfolio properties				$ 15,000

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Land	$ 3,018	$ 2,990
Buildings and leasehold improvements	5,989	5,814
Furniture and equipment	1,023	947
Construction-in-progress	152	341
Property and equipment, gross	10,182	10,092
Accumulated depreciation	(2,784)	(2,633)
Property and equipment, net	$ 7,398	$ 7,459

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation	$ 256	$ 286	$ 268
Debt associated with hotels in receivership	725	725
DoubleTree Hotel Seattle Airport
Property, Plant and Equipment [Line Items]
Impairment loss	12
Hilton Oakland Airport
Property, Plant and Equipment [Line Items]
Impairment loss	$ 12
Parc 55 San Francisco
Property, Plant and Equipment [Line Items]
Impairment loss		$ 202

Consolidated Variable Interes_3

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Additional Information (Detail) $ in Millions	Dec. 31, 2024 USD ($) hotel	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Unconsolidated affiliate debt | $	$ 685	$ 702
Hotel | Unconsolidated Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures	3
Variable Interest Entities | Hotel
Variable Interest Entity [Line Items]
Number of hotels consolidated	2

Consolidated Variable Interes_4

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Property and equipment, net	$ 7,398	$ 7,459
Cash and cash equivalents	402	717
Restricted cash	38	33
Accounts receivable, net	131	112
Prepaid expenses	69	59
Debt	3,841	3,765
Accounts payable and accrued expenses	226	210
Due to hotel managers	138	131
Other liabilities	179	200
Variable Interest Entities
Variable Interest Entity [Line Items]
Property and equipment, net	181	209
Cash and cash equivalents	34	17
Restricted cash	2	2
Accounts receivable, net	3	5
Prepaid expenses	3	3
Debt	186	202
Accounts payable and accrued expenses	10	11
Due to hotel managers	3	2
Other liabilities	$ 2	$ 3

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Air rights contract	$ 45	$ 45
Other	3	4
Accumulated amortization	(7)	(7)
Total	$ 41	$ 42

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 1
2026	1
2027	1
2028	1
2029	1
Thereafter	36
Total	$ 41	$ 42

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2025	May 31, 2024	May 31, 2021	Sep. 30, 2020	May 31, 2020	Oct. 31, 2016
Debt Instrument [Line Items]
Finance lease obligations	$ 1	$ 1	$ 1
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total debt	Total debt	Total debt
Long-term debt and finance lease obligations, gross	$ 3,865	$ 3,865	$ 3,786
Add: unamortized premium	0	0	1
Less: unamortized deferred financing costs and discount	(24)	(24)	(22)
Total debt	3,841	3,841	3,765
Repayments of term loan		$ 22	83	$ 64
DoubleTree Hotel Spokane City Center
Debt Instrument [Line Items]
Repayments of term loan	14
2024 Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.75%
Revolver
Debt Instrument [Line Items]
Debt, gross	0	$ 0	0
Debt instrument, basis spread on variable rate		1.80%
Available credit capacity	946	$ 946
Revolver | Subsequent Event
Debt Instrument [Line Items]
Available credit capacity					$ 950
2024 Term Loan
Debt Instrument [Line Items]
Debt, gross	200	200	0
HHV Mortgage Loan
Debt Instrument [Line Items]
Debt, gross	$ 1,275	$ 1,275	1,275							$ 1,275
Interest rate (as a percent)	4.20%	4.20%
Other mortgage loans
Debt Instrument [Line Items]
Debt, gross	$ 364	$ 364	385
Debt, weighted average interest rate (as a percent)	4.40%	4.40%
Other mortgage loans | Mortgage Loan, Hilton Denver City Center
Debt Instrument [Line Items]
Notice period		6 months
2025 Senior Notes
Debt Instrument [Line Items]
Debt, gross	$ 0	$ 0	650
Interest rate (as a percent)	7.50%	7.50%							7.50%
2028 Senior Notes
Debt Instrument [Line Items]
Debt, gross	$ 725	$ 725	725
Interest rate (as a percent)	5.88%	5.88%						5.875%
2029 Senior Notes
Debt Instrument [Line Items]
Debt, gross	$ 750	$ 750	750
Interest rate (as a percent)	4.88%	4.88%					4.875%
2030 Senior Notes
Debt Instrument [Line Items]
Debt, gross	$ 550	$ 550	$ 0
Interest rate (as a percent)	7%	7%				7%
Finance Lease Obligation
Debt Instrument [Line Items]
Interest rate (as a percent)	7.04%	7.04%

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Millions	1 Months Ended				12 Months Ended
	May 31, 2024 USD ($)	Dec. 31, 2022 USD ($) term	May 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) term	Jun. 30, 2023	Jun. 01, 2023	May 31, 2020 USD ($)	Oct. 31, 2016 USD ($)
Debt Instrument [Line Items]
Gain on derecognition of assets					$ 60	$ 221	$ 0
Contract asset					820	760
Debt associated with hotels in receivership					$ 725	725
Wells Fargo Bank
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 50					50
Wells Fargo Bank | Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.20%
Wells Fargo Bank | Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.30%
Debt of Assets in Receivership
Debt Instrument [Line Items]
Interest rate (as a percent)								4.11%	7.11%
Late payment administrative fee									3%
2024 Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.75%
Revolver
Debt Instrument [Line Items]
Non recourse CMBS Loan					$ 0	0
Line of credit facility commitments due on end date		$ 950					950
Line of credit facility increase to borrowing capacity		$ 500					$ 500
Credit spread adjustment rate		0.10%
Debt instrument, basis spread on variable rate					1.80%
Revolver | Credit Agreement
Debt Instrument [Line Items]
Extension term		1 year					1 year
Number of alternative extension terms | term		2					2
Alternative extension term duration		6 months					6 months
Revolver | 2024 Term Loan
Debt Instrument [Line Items]
Credit spread adjustment rate					0.10%
Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity					$ 50
Line of credit facility, outstanding amount					4
2024 Term Loan
Debt Instrument [Line Items]
Non recourse CMBS Loan					200	0
HHV Mortgage Loan
Debt Instrument [Line Items]
Non recourse CMBS Loan					$ 1,275	1,275					$ 1,275
Interest rate (as a percent)					4.20%
2025 Senior Notes
Debt Instrument [Line Items]
Non recourse CMBS Loan					$ 0	650
Interest rate (as a percent)					7.50%					7.50%
2028 Senior Notes
Debt Instrument [Line Items]
Non recourse CMBS Loan					$ 725	725
Interest rate (as a percent)				5.875%	5.88%
2028 Senior Notes | PK Domestic and PK Finance | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed				100%
2029 Senior Notes
Debt Instrument [Line Items]
Non recourse CMBS Loan					$ 750	750
Interest rate (as a percent)			4.875%		4.88%
2029 Senior Notes | PK Domestic and PK Finance | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed			100%
Senior Notes | PK Domestic and PK Finance
Debt Instrument [Line Items]
Maximum aggregate payment permitted for restricted transactions					$ 100
Maximum F F O permitted for restricted transactions percentage					95%
Minimum unencumbered assets to total indebtedness percentage					150%
Senior Notes | 2030 Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 550
Debt issuance costs					$ 9
Senior Notes | 2028 Senior Notes
Debt Instrument [Line Items]
Principal amount				$ 725
Senior Notes | 2025 Senior Notes
Debt Instrument [Line Items]
Principal amount										$ 650
Senior Notes | 2029 Senior Notes
Debt Instrument [Line Items]
Principal amount			$ 750
Unsecured Debt | 2024 Term Loan
Debt Instrument [Line Items]
Credit spread adjustment rate	0.10%
Principal amount	$ 200
Effective interest rate					6.21%
Debt issuance costs					$ 2
2030 Senior Notes
Debt Instrument [Line Items]
Non recourse CMBS Loan					$ 550	$ 0
Interest rate (as a percent)	7%				7%
2030 Senior Notes | PK Domestic and PK Finance | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed	100%

Debt - Debt Maturities, Assumin

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) $ in Millions	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 60
2026	1,550
2027	230
2028	725
2029	750
Thereafter	550
Total	$ 3,865

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt associated with hotels in receivership	$ 725	$ 725
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt in receivership	718	718
Carrying Amount | Level 3 | HHV Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	1,275	1,275
Carrying Amount | Level 3 | Other mortgage loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	364	385
Carrying Amount | Level 3 | 2024 Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	200	0
Carrying Amount | Level 1 | 2025 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	0	650
Carrying Amount | Level 1 | 2028 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	725	725
Carrying Amount | Level 1 | 2029 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	750	750
Carrying Amount | Level 1 | 2030 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	550	0
Fair Value | Level 3 | HHV Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	1,212	1,195
Fair Value | Level 3 | Other mortgage loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	349	365
Fair Value | Level 3 | 2024 Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	199	0
Fair Value | Level 1 | 2025 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	0	652
Fair Value | Level 1 | 2028 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	712	713
Fair Value | Level 1 | 2029 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	706	702
Fair Value | Level 1 | 2030 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	$ 559	$ 0

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value of Assets Measured on Nonrecurring Basis (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Impairment Loss
Property and equipment	$ 12	$ 204	$ 6
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Depreciation and amortization	Depreciation and amortization
Stabilized Growth Rate (as a percent)
Impairment Loss
Property, plant and equipment, measurement input		0.03
Stabilized Growth Rate (as a percent) | Minimum
Impairment Loss
Property, plant and equipment, measurement input	0.02
Stabilized Growth Rate (as a percent) | Maximum
Impairment Loss
Property, plant and equipment, measurement input	0.03
Measurement Input, Expected Term
Impairment Loss
Property, plant and equipment, measurement input	10	10
Measurement Input, Cap Rate
Impairment Loss
Property, plant and equipment, measurement input		0.063
Discount Rate (as a percent)
Impairment Loss
Property, plant and equipment, measurement input		0.095
Discount Rate (as a percent) | Minimum
Impairment Loss
Property, plant and equipment, measurement input	0.170
Discount Rate (as a percent) | Maximum
Impairment Loss
Property, plant and equipment, measurement input	0.200
Nonrecurring
Fair Value
Property and equipment	$ 2	$ 234
Total	2	234
Impairment Loss
Property and equipment	12	202
Total	$ 12	$ 202

Leases - Additional Information

Leases - Additional Information (Details) - lease	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Number of properties under leases	12
Lease term (in years)	24 years 7 months 6 days	26 years
Weighted average discount rate (as a percent)	5.70%	5.70%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 27
2026	23
2027	23
2028	23
2029	22
Thereafter	308
Total minimum rent payments	426
Less: imputed interest	201
Operating lease liabilities	$ 225	$ 223

Leases - Schedule of Rent Expen

Leases - Schedule of Rent Expense and Supplemental Cash Flow and Non Cash Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 23	$ 23	$ 28
Variable lease expense	16	16	13
Operating cash flows for operating leases	24	24	29
Operating lease right-of-use asset reassessments	$ 16	$ 0	$ (4)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Income tax (benefit) expense	$ (61)	$ 38	$ 0
Operating loss carryforwards	670
Net operating loss carryforwards	45	49
Operating loss carryforwards, not subject to expiration	266
Operating loss carryforwards, subject to expiration	404
U.S. Federal Tax
Income Taxes [Line Items]
Income tax (benefit) expense	$ 0	$ 0	$ 0

Income Taxes - Components of (B

Income Taxes - Components of (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
U.S. Federal	$ 5	$ 5	$ 1
State	(4)	19	1
Total current	1	24	2
Deferred:
U.S. Federal	(43)	4	0
State	(19)	10	(2)
Total deferred	(62)	14	(2)
Total (benefit) provision for income taxes	$ (61)	$ 38	$ 0

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax provision	$ 35	$ 30	$ 36
State income taxes, net of U.S. federal tax benefit	(6)	29	1
Change in deferred tax asset valuation allowance	(54)	0	4
REIT income not subject to tax	(24)	(23)	(39)
Derecognition and remeasurement of deferred taxes	(14)	0	(2)
Other	2	2	0
Total (benefit) provision for income taxes	$ (61)	$ 38	$ 0

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Composition of Net Deferred Tax Balances (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred income tax assets	$ 39	$ 1
Deferred income tax liabilities	0	(24)
Deferred tax assets, net	$ 39
Net deferred tax asset (liability)		$ (23)

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Deferred Tax Liability (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 45	$ 49
Investments	6	5
Interest expense limitation	3	4
Other	4	7
Total gross deferred tax assets	58	65
Less: valuation allowance	(5)	(59)
Deferred tax assets	53	6
Deferred tax liabilities:
Property and equipment	0	(16)
Investments	(13)	(10)
Accrued compensation	0	(2)
Other	(1)	(1)
Deferred tax liabilities	(14)	(29)
Net deferred tax asset (liability)	$ 39
Net deferred tax asset (liability)		$ (23)

Income Taxes - Schedule of Cash

Income Taxes - Schedule of Cash Distributions to Stockholders for Federal Income Tax Purposes (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common distributions (per share):
Ordinary dividends (in dollars per share)	$ 1.285731	$ 0	$ 0
Capital gain distributions (in dollars per share)	0.114269	2.150000	0.280000
Qualified dividends (in dollars per share)	0.292918
One Year Amounts
Common distributions (per share):
Capital gain distributions (in dollars per share)	0	0	0
Three Year Amounts
Common distributions (per share):
Capital gain distributions (in dollars per share)	$ 0	$ 0	$ 0

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2020 $ / shares	Dec. 31, 2024 USD ($) target shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Apr. 30, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized (in shares)		6,000,000,000	6,000,000,000
Share-based compensation expense | $		$ 19	$ 18	$ 17
Unrecognized compensation expense | $		$ 19
Period for unrecognized compensation expense to be recognized (in years)		1 year 6 months
Total fair value of shares vested | $		$ 14	$ 7	$ 7
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		6,670,858
Employee Stock Option | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized (in shares)					14,070,000
Non Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		143,583
Non Employee Stock Option | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized (in shares)		950,000
Performance Stock Units ("PSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		3 years
Market capitalization | $		$ 1,000
Performance Stock Units ("PSUs") | Eight Share Price Targets
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rate (as a percent)		75%
Total share price targets | target		8
Performance Stock Units ("PSUs") | Special Awards | Eight Share Price Targets
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Consecutive trading day period (in days)	20 days
Vesting rate (as a percent)	12.50%
Share price target achieved | target		6
Performance Stock Units ("PSUs") | Minimum | Special Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Average closing sales price per share (USD per share) | $ / shares	$ 11
Performance Stock Units ("PSUs") | Maximum | Special Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rate (as a percent)		200%
Average closing sales price per share (USD per share) | $ / shares	$ 25

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Awards ("RSAs") (Detail) - Restricted stock awards (RSAs) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	982,585	843,846	789,322
Granted (in shares)	629,151	696,356	471,614
Vested (in shares)	(548,947)	(539,133)	(378,605)
Forfeited (in shares)	(53,118)	(18,484)	(38,485)
Ending balance (in shares)	1,009,671	982,585	843,846
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 15.40	$ 20.19	$ 22.52
Granted (in dollars per share)	16.17	13.45	18.16
Vested (in dollars per share)	15.79	20.39	22.51
Forfeited (in dollars per share)	15.47	15.52	20.28
Ending balance (in dollars per share)	$ 15.66	$ 15.40	$ 20.19

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	1,527,576	1,198,325	972,074
Granted (in shares)	592,132	590,805	393,225
Vested (in shares)	(337,283)
Forfeited (in shares)	(265,854)	(261,554)	(166,974)
Ending balance (in shares)	1,516,571	1,527,576	1,198,325
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 19.72	$ 20.71	$ 22.59
Granted (in dollars per share)	17.75	19.96	21.93
Vested (in dollars per share)	26.99
Forfeited (in dollars per share)	7.78	24.80	34.47
Ending balance (in dollars per share)	$ 19.43	$ 19.72	$ 20.71

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility (as a percent)	36%	48%	57.50%
Dividend yield (as a percent)	0%	0%	0%
Risk-free rate (as a percent)	4.50%	4.30%	1.70%
Expected term (in years)	3 years	3 years	3 years

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net Income (Loss)	$ 212	$ 97	$ 162
Earnings attributable to participating securities	(1)	(2)	0
Net income attributable to stockholders, net of earnings allocated to participating securities	$ 211	$ 95	$ 162
Denominator:
Weighted average shares outstanding - Basic (in shares)	207	214	228
Unvested restricted shares (in shares)	2	1	0
Weighted average shares outstanding – Diluted (in shares)	209	215	228
Earnings (loss) per share - Basic (in dollars per share)	$ 1.02	$ 0.44	$ 0.71
Earnings (loss) per share - Diluted (in dollars per share)	$ 1.01	$ 0.44	$ 0.71

Hotel Management Operating an_2

Hotel Management Operating and License Agreements (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) hotel	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of operating hotels under franchise agreements | hotel	7
Marketing fees | $	$ 45	$ 47	$ 45
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Management agreement initial term (in years)	5 years
Management agreements total term including renewal periods (in years)	5 years
Franchise agreements initial term (in years)	10 years
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Management agreement initial term (in years)	30 years
Management agreements total term including renewal periods (in years)	70 years
Franchise agreements initial term (in years)	20 years

Business Segment Information -

Business Segment Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	1

Business Segment Information _2

Business Segment Information - Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Net Loss to Hotel Adjusted EBITDA (Detail) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jul. 31, 2024	Jun. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues			$ 2,599	$ 2,698	$ 2,501
Other property segment expense			210	217	211
Hotel Adjusted EBITDA			683	686	630
Depreciation and amortization			(257)	(287)	(269)
Corporate general and administrative expense			(69)	(65)	(63)
Impairment and casualty loss			(14)	(204)	(6)
Other operating expenses			(82)	(83)	(72)
Gain on sales of assets, net			8	15	13
Gain on derecognition of assets			60	221	0
Interest income			21	38	13
Interest expense			(214)	(207)	(217)
Interest expense associated with hotels in receivership			(60)	(45)	(30)
Equity in earnings from investments in affiliates			31	11	15
Income tax (benefit) expense			61	(38)	0
Other (loss) gain, net			(4)	4	96
Other items			(24)	(25)	(12)
Net income			226	106	173
Net gain on selling cost of hotel portfolio properties		$ 92			15
Hilton La Jolla Torrey Pines
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Net gain on selling cost of hotel portfolio properties	$ 19
Rooms
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues			1,569	1,653	1,559
Cost of goods and services sold			419	449	408
Food and beverage
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues			688	696	606
Cost of goods and services sold			474	501	449
Other departmental and support
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Cost of goods and services sold			605	635	613
Management fees
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Cost of goods and services sold			125	126	115
Management fees			122	125	115
Other
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues			86	85	75
Corporate Segment
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues			2,513	2,613	2,426
Cost of goods and services sold			$ 1,830	$ 1,927	$ 1,796

Business Segment Information _3

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 9,161	$ 9,419
Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,161	9,419
Consolidated hotels | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,153	9,406
All other | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 8	$ 13

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Millions	Dec. 31, 2024 USD ($)
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed	$ 95
Reserve for ongoing claims	8
Hilton Hawaiian Village Waikiki Beach Resort
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed	25
Hilton New Orleans Riverside
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed	15
Hilton Waikoloa Village
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed	$ 13

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 185	$ 215	$ 245
Income taxes paid	15	7	7
Capital expenditures included within accounts payable and accrued expenses	37	37	33
Dividends payable, excluding performance shares	131	355
Dividends payable	$ 138	$ 362	$ 56

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event shares in Millions, $ in Millions	1 Months Ended
	Jan. 31, 2025 USD ($) shares
Subsequent Event [Line Items]
Common stock repurchased (in shares) | shares	1.4
Common stock acquired | $	$ 20

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,639
Initial Cost
Land	3,092
Building & Improvements	5,105
Furniture, Fixtures & Equipment	356
Costs Capitalized Subsequent to Acquisition	1,613
Gross Amounts at Which Carried at Close of Period
Land	3,018
Building & Improvements	6,139
Furniture, Fixtures & Equipment	1,009
Total	10,166	$ 10,075	$ 11,008	$ 11,010
Accumulated Depreciation	(2,771)	$ (2,620)	$ (2,712)	$ (2,504)
Caribe Hilton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	38
Building & Improvements	56
Furniture, Fixtures & Equipment	7
Costs Capitalized Subsequent to Acquisition	87
Gross Amounts at Which Carried at Close of Period
Land	40
Building & Improvements	113
Furniture, Fixtures & Equipment	35
Total	188
Accumulated Depreciation	$ (66)
Caribe Hilton | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Caribe Hilton | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Durango
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	6
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	2
Furniture, Fixtures & Equipment	6
Total	8
Accumulated Depreciation	$ (6)
DoubleTree Hotel Durango | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Durango | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Ontario Airport
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 30
Initial Cost
Land	14
Building & Improvements	58
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	21
Gross Amounts at Which Carried at Close of Period
Land	13
Building & Improvements	64
Furniture, Fixtures & Equipment	19
Total	96
Accumulated Depreciation	$ (45)
DoubleTree Hotel Ontario Airport | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Ontario Airport | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel San Diego – Mission Valley
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	18
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	10
Furniture, Fixtures & Equipment	10
Total	20
Accumulated Depreciation	$ (15)
DoubleTree Hotel San Diego – Mission Valley | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel San Diego – Mission Valley | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel San Jose
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	15
Building & Improvements	67
Furniture, Fixtures & Equipment	5
Costs Capitalized Subsequent to Acquisition	25
Gross Amounts at Which Carried at Close of Period
Land	15
Building & Improvements	82
Furniture, Fixtures & Equipment	15
Total	112
Accumulated Depreciation	$ (48)
DoubleTree Hotel San Jose | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel San Jose | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Seattle Airport
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Furniture, Fixtures & Equipment	11
Costs Capitalized Subsequent to Acquisition	(3)
Gross Amounts at Which Carried at Close of Period
Land	1
Building & Improvements	5
Furniture, Fixtures & Equipment	2
Total	8
Accumulated Depreciation	$ 0
DoubleTree Hotel Seattle Airport | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Seattle Airport | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Sonoma Wine Country
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Furniture, Fixtures & Equipment	4
Costs Capitalized Subsequent to Acquisition	12
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	6
Furniture, Fixtures & Equipment	10
Total	16
Accumulated Depreciation	$ (12)
DoubleTree Hotel Sonoma Wine Country | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Sonoma Wine Country | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Embassy Suites Austin Downtown South Congress
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	45
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	19
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	58
Furniture, Fixtures & Equipment	8
Total	66
Accumulated Depreciation	$ (45)
Embassy Suites Austin Downtown South Congress | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Embassy Suites Austin Downtown South Congress | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Boston Logan Airport
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	108
Furniture, Fixtures & Equipment	6
Costs Capitalized Subsequent to Acquisition	32
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	131
Furniture, Fixtures & Equipment	15
Total	146
Accumulated Depreciation	$ (65)
Hilton Boston Logan Airport | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Boston Logan Airport | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	69
Building & Improvements	233
Furniture, Fixtures & Equipment	12
Costs Capitalized Subsequent to Acquisition	202
Gross Amounts at Which Carried at Close of Period
Land	71
Building & Improvements	385
Furniture, Fixtures & Equipment	60
Total	516
Accumulated Depreciation	$ (202)
Hilton Chicago | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Chicago | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Hawaiian Village Waikiki Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,275
Initial Cost
Land	925
Building & Improvements	807
Furniture, Fixtures & Equipment	17
Costs Capitalized Subsequent to Acquisition	500
Gross Amounts at Which Carried at Close of Period
Land	984
Building & Improvements	1,132
Furniture, Fixtures & Equipment	133
Total	2,249
Accumulated Depreciation	$ (575)
Hilton Hawaiian Village Waikiki Beach Resort | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Hawaiian Village Waikiki Beach Resort | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton McLean Tysons Corner
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	50
Building & Improvements	82
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	(9)
Gross Amounts at Which Carried at Close of Period
Land	23
Building & Improvements	58
Furniture, Fixtures & Equipment	45
Total	126
Accumulated Depreciation	$ (71)
Hilton McLean Tysons Corner | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton McLean Tysons Corner | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton New Orleans Riverside
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	89
Building & Improvements	217
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	133
Gross Amounts at Which Carried at Close of Period
Land	90
Building & Improvements	283
Furniture, Fixtures & Equipment	69
Total	442
Accumulated Depreciation	$ (162)
Hilton New Orleans Riverside | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton New Orleans Riverside | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Salt Lake City Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Furniture, Fixtures & Equipment	10
Costs Capitalized Subsequent to Acquisition	21
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	9
Furniture, Fixtures & Equipment	22
Total	31
Accumulated Depreciation	$ (25)
Hilton Salt Lake City Center | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Salt Lake City Center | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Santa Barbara Beachfront Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 156
Initial Cost
Land	71
Building & Improvements	50
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	54
Gross Amounts at Which Carried at Close of Period
Land	71
Building & Improvements	81
Furniture, Fixtures & Equipment	25
Total	177
Accumulated Depreciation	$ (48)
Hilton Santa Barbara Beachfront Resort | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Santa Barbara Beachfront Resort | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Seattle Airport & Conference Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	70
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	17
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	81
Furniture, Fixtures & Equipment	9
Total	90
Accumulated Depreciation	$ (46)
Hilton Seattle Airport & Conference Center | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Seattle Airport & Conference Center | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Short Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	59
Building & Improvements	54
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	(91)
Gross Amounts at Which Carried at Close of Period
Land	13
Building & Improvements	10
Furniture, Fixtures & Equipment	2
Total	25
Accumulated Depreciation	$ (3)
Hilton Short Hills | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Short Hills | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Waikoloa Village
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	160
Building & Improvements	340
Furniture, Fixtures & Equipment	25
Costs Capitalized Subsequent to Acquisition	(22)
Gross Amounts at Which Carried at Close of Period
Land	112
Building & Improvements	328
Furniture, Fixtures & Equipment	63
Total	503
Accumulated Depreciation	$ (193)
Hilton Waikoloa Village | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Waikoloa Village | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
New York Hilton Midtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	1,096
Building & Improvements	542
Furniture, Fixtures & Equipment	13
Costs Capitalized Subsequent to Acquisition	151
Gross Amounts at Which Carried at Close of Period
Land	1,043
Building & Improvements	665
Furniture, Fixtures & Equipment	94
Total	1,802
Accumulated Depreciation	$ (348)
New York Hilton Midtown | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
New York Hilton Midtown | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Washington DC – Crystal City
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	43
Building & Improvements	95
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	52
Gross Amounts at Which Carried at Close of Period
Land	43
Building & Improvements	128
Furniture, Fixtures & Equipment	21
Total	192
Accumulated Depreciation	$ (77)
DoubleTree Hotel Washington DC – Crystal City | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Washington DC – Crystal City | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Orlando Lake Buena Vista
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	137
Furniture, Fixtures & Equipment	10
Costs Capitalized Subsequent to Acquisition	41
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	156
Furniture, Fixtures & Equipment	32
Total	188
Accumulated Depreciation	$ (85)
Hilton Orlando Lake Buena Vista | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Orlando Lake Buena Vista | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Embassy Suites Kansas City – Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	26
Furniture, Fixtures & Equipment	1
Costs Capitalized Subsequent to Acquisition	5
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	29
Furniture, Fixtures & Equipment	3
Total	32
Accumulated Depreciation	$ (27)
Embassy Suites Kansas City – Plaza | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Embassy Suites Kansas City – Plaza | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Signia by Hilton Orlando Bonnet Creek
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	15
Building & Improvements	377
Furniture, Fixtures & Equipment	31
Costs Capitalized Subsequent to Acquisition	128
Gross Amounts at Which Carried at Close of Period
Land	31
Building & Improvements	463
Furniture, Fixtures & Equipment	57
Total	551
Accumulated Depreciation	$ (130)
Signia by Hilton Orlando Bonnet Creek | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Signia by Hilton Orlando Bonnet Creek | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Waldorf Astoria Orlando
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	34
Building & Improvements	274
Furniture, Fixtures & Equipment	29
Costs Capitalized Subsequent to Acquisition	77
Gross Amounts at Which Carried at Close of Period
Land	48
Building & Improvements	312
Furniture, Fixtures & Equipment	54
Total	414
Accumulated Depreciation	$ (98)
Waldorf Astoria Orlando | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Waldorf Astoria Orlando | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Casa Marina Key West, Curio Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	164
Building & Improvements	174
Furniture, Fixtures & Equipment	9
Costs Capitalized Subsequent to Acquisition	52
Gross Amounts at Which Carried at Close of Period
Land	169
Building & Improvements	198
Furniture, Fixtures & Equipment	32
Total	399
Accumulated Depreciation	$ (47)
Casa Marina Key West, Curio Collection | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Casa Marina Key West, Curio Collection | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
The Reach Key West, Curio Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	57
Building & Improvements	67
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	22
Gross Amounts at Which Carried at Close of Period
Land	57
Building & Improvements	82
Furniture, Fixtures & Equipment	10
Total	149
Accumulated Depreciation	$ (27)
The Reach Key West, Curio Collection | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
The Reach Key West, Curio Collection | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Juniper Hotel Cupertino, Curio Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	40
Building & Improvements	64
Furniture, Fixtures & Equipment	8
Costs Capitalized Subsequent to Acquisition	2
Gross Amounts at Which Carried at Close of Period
Land	40
Building & Improvements	65
Furniture, Fixtures & Equipment	9
Total	114
Accumulated Depreciation	$ (23)
Juniper Hotel Cupertino, Curio Collection | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Juniper Hotel Cupertino, Curio Collection | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Boston Marriott Newton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	24
Building & Improvements	74
Furniture, Fixtures & Equipment	15
Costs Capitalized Subsequent to Acquisition	3
Gross Amounts at Which Carried at Close of Period
Land	24
Building & Improvements	76
Furniture, Fixtures & Equipment	16
Total	116
Accumulated Depreciation	$ (25)
Boston Marriott Newton | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Boston Marriott Newton | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Checkers Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	19
Building & Improvements	44
Furniture, Fixtures & Equipment	7
Costs Capitalized Subsequent to Acquisition	3
Gross Amounts at Which Carried at Close of Period
Land	19
Building & Improvements	46
Furniture, Fixtures & Equipment	8
Total	73
Accumulated Depreciation	$ (11)
Hilton Checkers Los Angeles | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Checkers Los Angeles | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Denver City Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 53
Initial Cost
Land	14
Building & Improvements	163
Furniture, Fixtures & Equipment	21
Costs Capitalized Subsequent to Acquisition	4
Gross Amounts at Which Carried at Close of Period
Land	14
Building & Improvements	165
Furniture, Fixtures & Equipment	23
Total	202
Accumulated Depreciation	$ (40)
Hilton Denver City Center | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Denver City Center | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hyatt Centric Fisherman’s Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	33
Building & Improvements	122
Furniture, Fixtures & Equipment	11
Costs Capitalized Subsequent to Acquisition	7
Gross Amounts at Which Carried at Close of Period
Land	33
Building & Improvements	126
Furniture, Fixtures & Equipment	14
Total	173
Accumulated Depreciation	$ (28)
Hyatt Centric Fisherman’s Wharf | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hyatt Centric Fisherman’s Wharf | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hyatt Regency Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 125
Initial Cost
Land	0
Building & Improvements	177
Furniture, Fixtures & Equipment	14
Costs Capitalized Subsequent to Acquisition	4
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	180
Furniture, Fixtures & Equipment	15
Total	195
Accumulated Depreciation	$ (37)
Hyatt Regency Boston | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hyatt Regency Boston | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hyatt Regency Mission Bay Spa and Marina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	5
Building & Improvements	118
Furniture, Fixtures & Equipment	15
Costs Capitalized Subsequent to Acquisition	7
Gross Amounts at Which Carried at Close of Period
Land	6
Building & Improvements	121
Furniture, Fixtures & Equipment	18
Total	145
Accumulated Depreciation	$ (33)
Hyatt Regency Mission Bay Spa and Marina | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hyatt Regency Mission Bay Spa and Marina | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
JW Marriott San Francisco Union Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	191
Furniture, Fixtures & Equipment	13
Costs Capitalized Subsequent to Acquisition	7
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	198
Furniture, Fixtures & Equipment	13
Total	211
Accumulated Depreciation	$ (37)
JW Marriott San Francisco Union Square | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
JW Marriott San Francisco Union Square | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Royal Palm South Beach Miami, a Tribute Portfolio Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	16
Building & Improvements	139
Furniture, Fixtures & Equipment	12
Costs Capitalized Subsequent to Acquisition	15
Gross Amounts at Which Carried at Close of Period
Land	16
Building & Improvements	150
Furniture, Fixtures & Equipment	16
Total	182
Accumulated Depreciation	$ (32)
Royal Palm South Beach Miami, a Tribute Portfolio Resort | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Royal Palm South Beach Miami, a Tribute Portfolio Resort | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
The Midland Hotel Chicago, a Tribute Portfolio Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	20
Building & Improvements	76
Furniture, Fixtures & Equipment	14
Costs Capitalized Subsequent to Acquisition	7
Gross Amounts at Which Carried at Close of Period
Land	20
Building & Improvements	81
Furniture, Fixtures & Equipment	16
Total	117
Accumulated Depreciation	$ (21)
The Midland Hotel Chicago, a Tribute Portfolio Hotel | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
The Midland Hotel Chicago, a Tribute Portfolio Hotel | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
The Wade
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	22
Building & Improvements	58
Furniture, Fixtures & Equipment	8
Costs Capitalized Subsequent to Acquisition	4
Gross Amounts at Which Carried at Close of Period
Land	22
Building & Improvements	60
Furniture, Fixtures & Equipment	10
Total	92
Accumulated Depreciation	$ (18)
The Wade | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
The Wade | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	$ 10,075	$ 11,008	$ 11,010
Additions during period:
Capital expenditures	227	307	188
Deductions during period:
Dispositions, including casualty losses and impairment loss on planned dispositions	(136)	(199)	(190)
Derecognition of assets	0	(1,041)	0
Balance at end of period	$ 10,166	$ 10,075	$ 11,008

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	$ 2,620	$ 2,712	$ 2,504
Additions during period:
Depreciation expense	255	254	267
Deductions during period:
Dispositions, including casualty losses and impairment loss on planned dispositions	(104)	(68)	(59)
Derecognition of assets	0	(278)	0
Balance at end of period	$ 2,771	$ 2,620	$ 2,712

Schedule III - Real Estate an_5

Schedule III - Real Estate and Accumulated Depreciation - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate tax basis of all properties	$ 5,807,000